Jefferies lowered the firm’s price target on Astrana Health (ASTH) to $37 from $44 and keeps a Buy rating on the shares. The bar for fiscal 2026 EBITDA is low and implies little confidence in the full-risk contract conversion delays that management is assuming will be effective in the first quarter of 2026, the analyst tells investors in a research note. Jefferies believes potential upside for Astrana from Medicare Advantage in 2026 is underappreciated, but thinks proof-points on 1H26 trends are needed to restore confidence.
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