Alignment Healthcare price target lowered to $12 from $19 at Piper Sandler

Piper Sandler lowered the firm’s price target on Alignment Healthcare to $12 from $19 and keeps an Overweight rating on the shares. The analyst views the post-earnings selloff as overdone. Management is committed to returning to 20% annual Medicare Advantage revenue growth through some combination of membership and premiums. the analyst tells investors in a research note. The firm says Alignment is takings steps to steamline and strengthen its distribution while aligning enterprise strategy to attain and maintain best-in-class Star ratings.