BofA analyst Joanna Gajuk downgraded AdaptHealth (AHCO) to Underperform from Neutral with a price target of $6.50, down from $9.50. AdaptHealth underestimated how complicated it would be to transition patients under the new Humana (HUM) contract and these transitions have been taking longer than expected, resulting in a reduction in payments from Humana, says the analyst, who calls this development “yet another disappointment for a company with decelerating growth.”
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Read More on AHCO:
- AdaptHealth narrows FY23 revenue view to $3.16B-$3.19B from $3.16B-$3.2B
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- AdaptHealth price target lowered to $17 from $21 at Baird
- AdaptHealth price target lowered to $14 from $18 at Truist
