TD Cowen analyst Ryan Langston has maintained their neutral stance on PIII stock, giving a Hold rating on March 27.
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Ryan Langston has given his Hold rating due to a combination of factors including weaker-than-expected current performance and a still‑challenging near‑term outlook. P3’s latest adjusted EBITDA came in far below consensus, and his 2026 EBITDA forecast remains meaningfully negative, prompting a sharp reduction in the price target as he now values the shares at a small fraction of projected 2027 revenue.
At the same time, he sees credible signs of operational progress and future upside that justify maintaining, rather than abandoning, the position. Management’s plan to reset the business in 2025, drive substantial EBITDA improvement by 2026, and expand via a new Medicare Advantage geography with a glide path to full risk underpins his view that the company can move toward profitability by 2027, albeit with additional capital raises and execution risk that cap near‑term enthusiasm.
In another report released on March 27, TipRanks – OpenAI also reiterated a Hold rating on the stock with a $2.50 price target.