ModivCare downgraded to Equal Weight from Overweight at Stephens

Stephens analyst Raj Kumar downgraded ModivCare (MODV) to Equal Weight from Overweight with a price target of $17, down from $21, as coverage was transitioned to a new analyst. While recognizing the company’s “significant progress,” near-term liquidity constraints and going concern worries as well as broader macro uncertainty around Medicaid utilization and funding are “key inputs we cannot overlook” relative to the enterprise’s long-term potential, the analyst tells investors.