P3 Health Partners price target lowered to $4.50 from $9 at Lake Street

Lake Street analyst Brooks O’Neil lowered the firm’s price target on P3 Health Partners to $4.50 from $9 and keeps a Buy rating on the shares after P3 filed to indicate the company will not report results for 2023 within the prescribed time period and also disclosed that management determined that previously disclosed material weaknesses in the company’s internal controls over financial reporting continued to exist as of the end of December. If the firm’s forecast numbers prove to be “anywhere near the actual results,” it suggests P3 “very well could need additional capital,” so the risks related to an investment in P3 at this time are “significant,” the analyst tells investors.