DocGo price target lowered to $11 from $13 at BTIG

BTIG lowered the firm’s price target on DocGo to $11 from $13 but keeps a Buy rating on the shares following reports that New York City does not plan on renewing its migrant services contract with the company when it expires. The firm is positive on how DocGo is migrating away from this contract, stating that while the non-renewal may put some pressure on the company’s growth in the second half of 2024 and into 2025, over the long term, it is better for DocGo to pivot away from the NY migrant services contract, for things like housing, hotel services, food, and laundry. BTIG adds that DocGo should be focused on the larger total addressable market opportunity from payers and health systems in the long term.