Stephens analyst Raj Kumar lowered the firm’s price target on ModivCare (MODV) to $3.50 from $7 and keeps an Equal Weight rating on the shares. ModivCare’s 2025 has “many moving pieces” as the company initiates its strategic divestiture process for the PCS and RPM segments and continues conversion of existing contracts to new structures, leading the company to waive the issuance of formal 2025 guidance, the analyst tells investors. The firm, which lowered its 2025-2027 adjusted EBITDA estimates, notes that its lowered target price is now based on about 7.5-times its new 2026 adjusted EBITDA estimate.
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