CareMax Inc. (CMAX) PT Raised to $9 at Cowen

August 19, 2022 8:50 AM EDT
Get Alerts CMAX Hot Sheet
Price: $7.19 +8.45%

Rating Summary:
    4 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 24
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Cowen analyst Gary Taylor raised the price target on CareMax Inc. (NASDAQ: CMAX) to $9.00 (from $8.00) while maintaining an Outperform rating.

The analyst commented, "We are updating our CMAX model to reflect materially slower de novo center growth (from 15/25/35/35 for 2022-2025 to 15/8/12/12) while adding Steward acquisition risk revenues at less than half CMAX’s aggressive forecasts. The net impact lifts our 2022-25 EBITDA from $35/38/44/55m to $34/50/62/83m. We are raising our price target from $8 to $9 (1.3x 2023E EV/Sales from 1.2x previously)."

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