Goldman Sachs downgraded Agilon Health to Neutral from Buy with a $14 price target to reflect increased uncertainty in both 2024 and the longer term outlook. While the Medical Margin and EBITDA trajectory has already been reset this year, and the multiple has compressed, the firm remains concerned about the 2024 EBITDA ramp and have reduced confidence in the long term unit economic progression of markets, the analyst tells investors.
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