Cano Health downgraded at Cowen with liquidity ‘now a plausible 2023 concern’

As previously reported, Cowen analyst Gary Taylor downgraded Cano Health to Market Perform from Outperform with a price target of $3, down from $10, citing "four key reasons," including his view that "liquidity is now a plausible 2023 concern." Commenting on his other three reasons for downgrading the shares, Taylor said the Q3 EBITDA revision "does not appear low enough," the company’s revenue recognition and receivables are "still problematic," and that the declining stock price may impact physician growth and retention. Though he still believes Cano’s clinics and network have strategic value, he "can’t recommend the stock solely on that basis," the analyst added.