Astrana Health Positioned for Aggressive Growth and Valuation Upside Amidst Strong Financials and Market OpportunitiesWe are initiating coverage of Astrana Health (ASTH) with a Buy rating, $28 PT. We believe VBC performance is at an inflection point, with higher reimbursement rates and heightened utilization working their way into benchmarks and ASTH is leaning into full risk deals at a greater rate than others in our coverage. In our view, the shift to risk, as well as organic growth opps in core & emerging markets, can underwrite 20%-30%+ growth LT. This dovetails with a care model that has outperformed in a difficult macro, implying EBITDA margin expansion beyond MSDs as the environment improves in the NT. However, shares trade at ~6x '26 EBITDA, below hospital operators, which we view as a relative floor; we initiate with a Buy as we believe shares should trade at parity or better given the superior financial profile and prospect for catalysts.