Truist Securities has upgraded Evolent Health’s (NYSE: EVH) stock to “Buy”, as it cited the firm’s rate increases to offset “elevated disease prevalence and acuity.”
“We always believed in the company’s ability to grow its topline, but now have improved confidence in its ability to expand margins in the coming years,” Truist Securities analysts wrote in an investor note.
Because of “improved visibility”, Truist Securities now considers Evolent’s stock as “appealing at current valuations.”
Stock Performance
The shares of Evolent Health Inc (EVH) closed 26.50% ($5.53) higher at $26.40 in New York on Friday, as they extended the gain from the previous market session.
It has been the highest closing price for the stock since May 9th.
The company’s total market cap now stands at $3.07 billion.
The shares of Evolent Health Inc (EVH) went up 17.63% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 20.07% so far this year.
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