Clover Health price target lowered to $4 from $7 at Canaccord

Canaccord analyst Richard Close lowered the firm’s price target on Clover Health to $4 from $7 and keeps a Buy rating on the shares. The analyst said the company’s results outperformed his estimates in 3Q and raised its 2022 guidance. He said the biggest development exiting 3Q is management’s increased focus on its timeline to profitability and decision to moderate growth in both its MA and non-insurance offerings, which causes him to lower his revenue estimates, but should shorten Clover’s timeline to profitability.