P3 Health Partners price target lowered to $20 from $50 at Lake Street

Lake Street analyst Brooks O’Neil lowered the firm’s price target on P3 Health Partners (PIII) to $20 from $50 and keeps a Buy rating on the shares. P3 “has been a huge disappointment” and the analyst admits to having been “dead wrong about both its performance and the performance of PIII shares.” The firm adds: “Some will say we are crazy, but we are not giving up. We believe in value-based care, and we believe P3 can be a significant player in helping to bring higher quality care to patients at a more affordable cost.” The 1:50 reverse split brings P3’s stock price to a place where institutional investors can consider buying it and the firm encourages investors “to do just that,” the analyst concludes.