Evolent Health price target lowered to $18 from $27 at JMP Securities

JMP Securities analyst Constantine Davides lowered the firm’s price target on Evolent Health (EVH) to $18 from $27 and keeps an Outperform rating on the shares. The firm has conviction in management’s ability to secure rate adjustments based on its actions in 2024, but believes a more conservative stance is warranted until there is a better picture around ongoing disease and cost trends, as well as a more precise understanding of the pace and nature of Evolent’s mitigation efforts, the analyst tells investors in a research note.