Agilon Health downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Lance Wilkes downgraded Agilon Health (AGL) to Market Perform from Outperform with a price target of $1.40, down from $4. The firm cites the company’s worse than expected margin pressure for the downgrade. Agilon’s margin challenges reduce its capital cushion and increases its cost of capital, which creates an uncertain growth outlook, the analyst tells investors in a research note. Bernstein does not see the company as representing a strategically valuable asset that could be attractive to buyers.