UPDATE: BofA Securities Downgrades Clover Health (CLOV) to Neutral, Following Earnings

May 17, 2021 10:59 AM EDT
Get Alerts CLOV Hot Sheet
Price: $14.45 -1.43%

Rating Summary:
    1 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 7 | New: 61
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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."

For an analyst ratings summary and ratings history on Clover Health click here. For more ratings news on Clover Health click here.

Shares of Clover Health closed at $7.47 yesterday.

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