UPDATE: Citi Starts Clover Health (CLOV) at Buy
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Citi analyst Ralph Giacobbe initiates coverage on Clover Health (NASDAQ: CLOV) with a Buy rating and a price target of $19.00.
The analyst comments "Clover is focused on the fast growing and under-penetrated Medicare market, leveraging its technology and data to create value for members, physicians, and government payors. The growth profile is attractive with multiple levers of opportunities in both existing and new markets, with direct contracting (DC) representing a new and untapped opportunity to further accelerate growth. Moreover, valuation may appear hefty on the surface, but when considering the growth profile, adjustments/factors related to DC, and comparable disruptive healthcare services companies, we see upside to current multiples."
Shares of Clover Health closed at $14.10 yesterday.
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