Evolent Health price target raised to $38 from $37 at JMP Securities

JMP Securities raised the firm’s price target on Evolent Health to $38 from $37 and keeps an Outperform rating on the shares. Evolent’s Q4 revenue beat the firm’s estimates and provided “strong” guidance for 2024 while reiterating its $300M EBITDA run-rate objective exiting 2024, a key focus ahead of the earnings report, the analyst tells investors in a research note. The firm expects new business momentum to continue given pressures within managed care, the relative under-penetration of Evolent’s solutions into its client base, and the value of its independent, differentiated and diversified specialty offerings.