ModivCare upgraded to Buy from Hold at Lake Street

Lake Street analyst Brooks O’Neil upgraded ModivCare to Buy from Hold with an unchanged price target of $50. ModivCare has “navigated skillfully” through Q1 and the key impediments to a smooth ride – including Medicaid redetermination, recovery of utilization, and working capital normalization – are expected to dissipate in the second half of the year, the analyst tells investors. Noting that the company affirmed guidance for the year, the firm says it is making small changes to its quarterly forecasts for 2024, but is not changing its estimates for the year.