Alignment Healthcare price target lowered to $22 from $27 at Raymond James

Raymond James lowered the firm’s price target on Alignment Healthcare (ALHC) to $22 from $27 and keeps a Strong Buy rating on the shares. The stock has been under pressure since “a solid quarter” with “some minor hiccups around the hospital payments issue that appear to be contained,” says the analyst, who attributes the post-earnings weakness to a “relatively expensive valuation,” the fact that Q1 had “some small hiccups,” and potentially some rotation into other large cap managed care organizations.