P3 Health Partners downgraded to Neutral from Buy at BTIG

BTIG analyst David Larsen downgraded P3 Health Partners to Neutral from Buy without a price target following the company’s Q4 report. The analyst cites P3’s higher than expected medical claims costs, increases in reserves, lack of visibility, and “fairly tight” cash position for the downgrade. The firm is concerned that with ongoing utilization and medical cost pressures, the company’s 2024E EBITDA guidance is at risk.