Evolent Health price target lowered to $17 from $20 at RBC Capital

RBC Capital lowered the firm’s price target on Evolent Health (EVH) to $17 from $20 and keeps an Outperform rating on the shares. The company provided an encouraging update on its re-contracting efforts, achieving its targeted $100M of incremental EBITDA while retaining all clients, though the management now expects some of this to be offset by higher oncology trend and membership declines as several clients recently terminated Medicare Advantage plans, the analyst tells investors in a research note.