Needham has initiated coverage on Astrana Health (ASTH) with a Buy rating and a $28 price target. Analyst Matthew Shea highlights a valuation gap between the health tech firm and hospital operators, noting Astrana's trading level of ~6x 2026 EBITDA as a relative floor. Shea emphasizes that Astrana's integration of hospital operations into its value-based care network through acquisitions like Prospect Health, alongside its promising growth and margin potential, warrants a valuation at least on par with hospital operators.
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