Bright Health price target lowered to $8 from $160 at Morgan Stanley

Morgan Stanley analyst Michael Ha lowered the firm’s price target on Bright Health to $8 from $160 and keeps an Underweight rating on the shares. Given Bright Health’s rising solvency and capital position concerns, the firm’s price target is now based on unregulated parent cash per share and the firm will continue to value Bright on its current unrestricted cash until Bright is able to “pave a clear pathway forward on their capital position,” the analyst tells investors as the firm acknowledges its 95% price target change that represents 5% downside.