Evolent Health now a ‘plug your nose and buy it’ stock, says Piper Jaffray

Trading at one times enterprise value to estimate 2019 revenue, Evolent Health is now a “plug your nose and buy it” stock, Piper Jaffray analyst Sean Wieland tells investors in a research note. The analyst lowered his price target for the shares to $19 from $33 and maintains an Overweight rating on the name. With many moving parts in the 2019 guidance, there are “plenty of reasons to be skeptical, including the still outstanding issue of the financial viability of Passport,” says the analyst. However, the analyst believes value-based care “will come…eventually.” Evolent remains the only derivative play on value-based care, Wieland says.
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