JPMorgan downgraded Agilon Health to Neutral from Overweight with a price target of $9, down from $17, following a “slew of negative announcements.” The company lowered 2023 guidance “again,” citing higher medical costs, provided preliminary 2024 guidance “well below” consensus, pulled its 2026 outlook, and announced CFO Tim Bensley would retire, notes the analyst, who believes the consistent underestimation of medical costs in a rising utilization environment highlights the significant risks Agilon faces.
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