Canaccord lowered the firm’s price target on Evolent Health (EVH) to $9 from $16 and keeps a Buy rating on the shares. The firm lowered its target by removing the premium valuation it had previously as the uncertainty on how ACA open enrollment will turn out as the shutdown ends without action on extending enhanced subsidies has put shares in limbo until more clarity emerges once open enrollment is completed. This and uncertainty on MA and Medicaid membership changes are holding the stock hostage near-term and overshadowing longer-term reasons to invest in Evolent.
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