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SelectQuote initiated with a Hold at Jefferies

Jefferies initiated coverage of SelectQuote (SLQT) with a Hold rating and $2.75 price target The company’s “important position” in the Medicare Advantage supply chain, combined with a single marketing engine, is delivering growth of both Medicare Advantage policies and Health services, like SelectRx, the analyst tells investors in a research note. However, Jefferies says SelectRx’s strategic redirect to even higher acuity members, the recent Department of Justice lawsuit, “suboptimal” cash conversion, and a “complicated balance sheet” keep it on the sidelines.

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