Evolent Health downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Evolent Health (EVH) to Sector Weight from Overweight without a price target The firm views the company’s Q4 results as solid but says it had been hopeful Evolent’s debt leverage would begin to decline in early 2026. Instead, the company’s leverage will increase to seven-times, before likely starting to moderate in late 2026, the analyst tells investors in a research note. KeyBanc cites a lack of visibility into a EBITDA recovery for the downgrade.