UPDATE: BofA Securities Downgrades Clover Health (CLOV) to Neutral, Following Earnings
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(Updated - May 17, 2021 11:22 AM EDT)
BofA Securities analyst Kevin Fischbeck downgraded Clover Health (NASDAQ: CLOV) from Buy to Neutral with a $9 price target (from $15) after it disappointed on higher costs, worse guidance.
While revenue was above consensus, Adjusted EBITDA "came in significantly lower on higher MLR related to COVID costs and negative PPD," the analyst noted.
The analyst said, more importantly, the company updated guidance, "which lowered their expectations for revenues driven by significantly lower Direct Contracting (DC) membership, as well as lowered expectations for 2021 profitability due to much higher Medicare Advantage (MA) MLR."
Shares of Clover Health closed at $7.47 yesterday.
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