Evolent Health price target lowered to $20 from $24 at Truist

Truist lowered the firm’s price target on Evolent Health (EVH) to $20 from $24 and keeps a Buy rating on the shares as part of a broader research note on the Healthcare Digital/IT sector. According to thej firm’s investor sentiment survey, heading into 2025, only around 35% of investor respondents are bullish on HCIT, 9% bearish, and 56% are neutral, which compares with 56% of investor respondents bullish on HCIT, 6% bearish, and 38% neutral a year ago, the analyst tells investors in a research note. The firm adds however that Digital Health companies are trading at attractive valuations, and the bid-ask spread narrowing, with deal activity also likely picking up in 2025 with the new administration seen as potentially more favorable to M&A.