Citi Starts Innovage Holding Corp (INNV) at Buy

Citi analyst Ralph Giacobbe initiates coverage on Innovage Holding Corp (NASDAQ: INNV) with a Buy rating and a price target of $30.00.

The analyst comments "INNV is a provider-based entity treating and managing care for high-cost, frail, and elderly individuals in a capitated value-based care model. As the largest player in the underpenetrated and fragmented PACE program, we see significant opportunities for growth via its existing centers and through de novo, M&A, and geographic expansion. In our view, the story is a play on a higher touch healthcare services model that seeks to improve health outcomes, quality of life, and keep individuals living independently at a lower cost to the system. While valuation is not necessarily cheap, we view it as reasonable in the context of growth, with upside as we consider its strong competitive position and under-penetration of the market."

For an analyst ratings summary and ratings history on Innovage Holding Corp click here. For more ratings news on Innovage Holding Corp click here.

Shares of Innovage Holding Corp closed at $24.35 yesterday.

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