Apollo Medical initiated with a Neutral at BofA

BofA initiated coverage of Apollo Medical with a Neutral rating and $44 price target. The analyst views the investment case for Apollo Medical as a "call option" on the value based care industry. However, the company is only now beginning to export the model into new geographies, which beings "significant execution risks," the analyst tells investors in a research note. The firm cites limited visibility for the Neutral rating.