UPDATE: JPMorgan Downgrades Change Healthcare Inc. (CHNG) to Neutral
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JPMorgan analyst Lisa C. Gill downgraded Change Healthcare Inc. (NASDAQ: CHNG) from Overweight to Neutral with a price target of $25.75 (from $18.00).
The analyst comments "Change’s scale is unmatched, touching roughly one-third of the US population through transacting clinical records with a
sticky and long-tenured revenue base, driving 87% of recurring revenue. Following a period of integration and investment, the model is inflecting, moving from flat revenue growth in F2019 to 4-6% through F2021 with synergy-driven leverage driving 6-8% EBITDA growth, and we see low double-digit EBITDA growth likely achievable beyond FY2021 driven by leverage."
Shares of Change Healthcare Inc. closed at $23.76 yesterday.
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