Apollo Medical initiated with a Buy at BTIG

BTIG analyst David Larsen initiated coverage of Apollo Medical with a Buy rating and $45 price target. The “new normal” for care is, and will continue to become, value-based care, which rewards entities and providers for keeping people healthy, the analyst tells investors in a research note. The firm likes Apollo “because the company is making money,” with a 10% adjusted EBITDA margin, and $50M-plus in annual free cash flow, while driving value for clients, members and the eco-system.