TD Cowen downgraded Agilon Health to Market Perform from Outperform with a price target of $6.50, down from $12. The company in January guided 2024 EBITDA 50% below estimates, withdrew the 2026 outlook and announced its CFO’s retirement, the analyst tells investors in a research note. The firm says it kept an Outperform rating due to Agilon’s perceived strategic value. However, the firm now knows the company’s largest payor partners did not properly underwrite 2024 Medicare Advantage risk. This incremental margin risk “will flow downhill” to Agilon, contends TD.
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