Piper Sandler on Evolent Health (EVH): 'We Would Be Buyers on Any Weakness This Morning'; PT Lowered

Piper Sandler analyst Jessica Tassan lowered the price target on Evolent Health (NYSE: EVH) to $16.00 (from $17.00) while maintaining a Overweight rating.

The analyst commented: "EVH reported 4Q24 results at the low end of revenue and adjusted EBITDA guidance, but better than feared in our view. We like the CY25 outlook implying $150M of adjusted EBITDA at the midpoint, which we believe is appropriately calibrated given the oncology cost trend acceleration observed in 4Q24. Bookings strength and 100% retention of top customers representing 90% of revenue testify to EVH's enduring value proposition and we would be buyers of the stock on any weakness this morning. Reiterate OW, PT to $16.00 (prior $17.00) based on an unchanged 15x multiple of lighter CY25E adjusted EBITDA."

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