Raymond James upgraded Alignment Healthcare to Strong Buy from Outperform with a price target of $10, up from $9. The company’s legacy H3815 plan, with 90% of its membership, retained its 4.0-star status despite fears it would drop below the 3.5-star threshold, potentially leaving it to face a $70M headwind, the analyst tells investors in a research note. The firm cites the removal of Alignment’s Star Ratings overhang for the upgrade. This overhang has hampered sentiment and held the stock rangebound since Q2, says Raymond James.
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