ModivCare price target raised to $25 from $22 at Barrington

Barrington analyst Michael Petusky raised the firm’s price target on ModivCare (MODV) to $25 from $22 and keeps an Outperform rating on the shares. The firm is “encouraged” by the company’s plan to shift some meaningful portion of its shared risk contracts to fee for service agreements, notes the analyst, who thinks this transition will take a few quarters to execute, but should provide “a lot more predictability” in terms of quarterly cash flow generation once it has been accomplished and thinks this change will “provide meaningful comfort to investors as well.”