InnovAge price target lowered to $8 from $9 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on InnovAge to $8 from $9 and keeps a Neutral rating on the shares. The company’s Q4 revenue was slightly ahead of consensus estimates with slower census growth offset by better than expected revenue PMPM, but its first guidance since the enrollment suspension in late 2021 was mixed with softer than expected on EBITDA, the analyst tells investors in a research note. Progress continues at InnovAge on operational enhancements, census rebuild, and while margin progression embedded in guidance is slower than expected for FY24, the firm is encouraged by the increasing visibility, Goldman Sachs added.