P3 Health Partners initiated with a Buy at BTIG

BTIG initiated coverage of P3 Health Partners with a Buy rating and $5 price target. P3 is a value-based-care organization that focuses exclusively on the Medicare Advantage space, the analyst tells investors in a research note. The firm believes the company is better positioned than some others because expectations for EBITDA are low and the P3 was already EBITDA-positive in Q2. In addition, since the company focuses exclusively on Medicare, and not Medicaid, its margin potential is much higher than some peers, contends BTIG.