Clover Health price target lowered to $5 from $6 at Craig-Hallum

Craig-Hallum analyst Matt Hewitt lowered the firm’s price target on Clover Health (CLOV) to $5 from $6 and keeps a Buy rating on the shares. The firm notes the company reported strong revenue and membership growth and maintained adjusted EBITDA and adjusted net income profitability. Despite the otherwise positive update, Craih-Hallum points out that the benefits expense ratio increased for the quarter due to Part D utilization and impacts from the Inflation Reduction Act and that may weigh on the shares.