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Deutsche Bank has downgraded agilon health (NYSE:AGL) to hold, stating that it has “less confidence” that the company will be able to meet its medium-term earnings targets, though membership growth will likely “remain strong.”
Describing agilon’s Q3 report as “messy,” Deutsche said that it found the company’s guidance targets to be “overly optimistic as it relates to medical margin.”
“We see risk to 2024 expectations, where our estimates are below consensus and shares that seem fairly to richly valued,” it added.
Deutsche’s revised price target for the stock is $12.