GoHealth Inc. (GOCO) PT Lowered to $18 at Credit Suisse After Earnings

May 17, 2021 6:11 AM EDT
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Price: $11.41 +0.26%

Rating Summary:
    9 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 7 | New: 31
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Credit Suisse analyst Jailendra Singh lowered the price target on GoHealth Inc. (NASDAQ: GOCO) to $18.00 (from $19.00) after the company reported 1Q21 revs of $204.2 mln, up 45% Y/Y. 1Q21 adjusted EBITDA was $32 mln, down 8% Y/Y. For the full year, GOCO sees LTVs up in HSD range with the Y/Y growth moderating in 2H. GOCO also emphasized that its 2019 vintages are operating within its expectations.

The analyst reiterated an Outperform rating, stating "Our updated 2021/2022 revenues estimates are $1.23/$1.57 bln (vs. $1.21/$1.61 bln, respectively). Our TP is now $18 (vs. $19 previously), based on 12.5x our 2022 EBITDA (4x our 2022 rev ests). Risks include slowdown in members enrollment, decline in persistency trends, etc.."

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