Evolent Health initiated with an Outperform at BMO Capital

BMO Capital analyst Sean Dodge initiated coverage of Evolent Health (EVH) with an Outperform rating and $7 price target Evolent has worked to dampen future volatility by narrowing risk corridors while also signing more than $750M of new business, which coupled with a remaining $650M+ pipeline, ongoing margin maturation, and AI initiatives, paves the way for significant longer-range EBITDA growth, the analyst tells investors in a research note. The firm expects “flattish” 2026 EBITDA before a meaningful acceleration in 2027 and beyond.