InnovAge price target lowered by 50c at Citi, here’s why

Citi analyst Jason Cassorla lowered the firm’s price target on InnovAge to $6.50 from $7 and keeps a Neutral rating on the shares. The analyst update target prices across the healthcare services sector as the firm considers market multiples, although it remains cognizant “of the inherent risks within this balanced backdrop.” The analyst believes investors will look to be more selective and find value within names that can manage and show resiliency, and/or those that have high conviction stories.