UPDATE: Goldman Sachs Starts Signify Health Inc (SGFY) at Neutral
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(Updated - March 8, 2021 4:15 AM EST)
Goldman Sachs analyst Robert Jones initiates coverage on Signify Health Inc (NYSE: SGFY) with a Neutral rating and a price target of $31.00.
The analyst comments "We initiate coverage on Signify Health (SGFY) with a Neutral rating and 12-month price target of $31. In our view, SGFY is a unique HC tech-enabled-services asset, growing at over 20% at healthy EBITDA margins (20%+). We like the company’s exposure to Medicare Advantage (75% of revenues – for context on why we see the MA end-market as attractive see HERE) and somewhat diversified client base across payors (75% of revenues) and providers (25%). Though the company has a clear path to growth outlined in this note, with shares trading at 9.5x our NTM EV/Sales we initiate at Neutral as the risk/reward is more balanced from here."
Shares of Signify Health Inc closed at $28.31 yesterday.
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