CareMax price target lowered to $7 from $30 at UBS

UBS lowered the firm’s price target on CareMax to $7 from $30 and keeps a Neutral rating on the shares. CareMax initiated a 1-for-30 reverse stock split, effective January 31, which is intended to enable CareMax to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on Nasdaq, the analyst tells investors in a research note. Higher utilization in both inpatient and outpatient settings, as well as higher utilization of supplemental benefits, will be a meaningful headwind to CareMax’s results in 2024, the firm adds.