Agilon Health price target lowered to $13 from $22 at Benchmark

Benchmark lowered the firm’s price target on Agilon Health to $13 from $22 and keeps a Buy rating on the shares after AEBITDA guidance for 2023 was sharply lowered, initial 2024 guidance was issued and the 2026 outlook was pulled last Friday. Based on management commentary, the firm thinks expectations “finally have been reset conservatively,” with potential positive variance now more likely depending upon overall utilization trends and agilon programs to improve visibility, the analyst tells investors.