UPDATE: Credit Suisse Starts Cano Health (CANO) at Outperform
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Credit Suisse analyst Jailendra Singh initiates coverage on Cano Health (NYSE: CANO) with a Outperform rating and a price target of $18.00.
The analyst comments "Over the next 12-18 months, as CANO expands into additional geographies and meets/exceeds its projections (which currently do not include any contribution from the Direct Contracting program and any incremental M&A), we expect the shares to at least partially close the valuation gap to peers and trade at 3.0x our 2023 revenue estimate (or ~4.1x 2022) 12 months from now, yielding an $18 TP (~67% upside potential) and thus an Outperform rating. Risks include geographic & payer concentration, competition, and significant capital investments."
Shares of Cano Health closed at $10.75 yesterday.
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