These Analysts Revise Their Forecasts On Evolent Health After Upbeat Results

Author: Avi Kapoor | February 23, 2024 03:31pm

Evolent Health, Inc. (NYSE:EVH) reported better-than-expected fourth-quarter results on Thursday.

Evolent Health posted quarterly earnings of 23 cents per share, beating market estimates of 15 cents per share. The company’s quarterly sales came in at $556.05 million versus market expectations of $542.39 million, according to data from Benzinga Pro.

Seth Blackley, Chief Executive Officer, and Co-Founder of Evolent stated, "We ended 2023 on a strong note, achieving all of our financial objectives for the year. Annual revenue increased over 45% while we continued to deliver strong earnings, driven by continued underlying growth as well as the successful integration of NIA. I am incredibly proud of our global team who worked so hard to collectively deliver what we promised to both shareholders and partners in 2023. Our financial position is strong as cash flow exceeded our target for the year and we significantly improved our cash and balance sheet flexibility."

Evolent Health shares gained 11.5% to trade at $33.20 on Friday.

These analysts made changes to their price targets on Evolent Health after the company reported results for the recent quarter.

• Canaccord Genuity cut the price target on Evolent Health from $47 to $45. Canaccord Genuity analyst Richard Close maintained a Buy rating.
• JMP Securities raised the price target on Evolent Health from $37 to $38. JMP Securities analyst Constantine Davides maintained a Market Outperform rating.

 

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Posted In: EVH