UBS downgraded CareMax to Neutral from Buy with a price target of $1, down from $5. The analyst believes the current high-utilization environment being observed in Medicare Advantage will pressure CareMax’s medical loss ratio in the near-term and force it to scale back investments in growth opportunities. Based on the firm’s analysis of 2024 benefit plans, it believes external provider costs should remain at a consistently elevated level through 2024.
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