After-Hours Movers: Spectrum Pharm Sinks on Negative FDA Panel, Costco Dips on EPS

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Citi Reiterates $7 PT on Cano Health (CANO), Says Takeout Could Be Worth $14 on Roughly 2x Revenue

September 23, 2022 12:18 PM EDT

Citi analyst Jason Cassorla reiterated a Buy rating and $7.00 price target on Cano Health (NYSE: CANO).

The analyst comments "Another Takeout Headline Not Surprising: Multiple headlines over the past ~six months have suggested CANO could potentially be acquired. To this end, CANO traded at ~1.0x our 2023E revenue at an unaffected price of $6.31 (September 21st close), which compares to its SPAC merger multiple at ~3x forward revenue, and other recent deals in the space including AMZNs... More