DocGo downgraded to Neutral from Buy at BTIG

BTIG downgraded DocGo (DCGO) to Neutral from Buy without a price target The company reported “disappointing” Q1 results with a “fairly remarkable reduction” to revenue guidance for 2025, the analyst tells investors in a research note. The firm says the midpoint of the new guidance implies a 50% year-over-year decline in revenue for the year. The reduction was made due to DocGo’s decision to remove any non-migrant municipal population health revenue from the guidance given “significant uncertainty” in the municipal channel, driven by ongoing policy changes and budget constraints in Washington D.C., contends BTIG. The firm cites DocGo’s “ongoing deterioration in fundamentals, and a consistent lack of visibility” for the downgrade.