Evolent Health

EVH · NYSE

$4.87+$0.39 (+8.71%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $4.48

EVH analyst rating

BuyConsensus of 14 analysts over the last 12 months. 79% rate it a buy.

Strong buy0
Buy11
Hold3
Underperform0
Sell0

12-month price target · 14 analysts

Average $6.63 (+36.1% upside)

Low: $3.03
Now: $4.87
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

EVH analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Aug 18, 2026	Maintains	Overweight	$5.00 → $6.00	60%
TD Cowen	Aug 17, 2026	Maintains	Buy	$5.00 → $6.00	62%
Truist Securities	Aug 12, 2026	Maintains	Hold	$7.00 → $6.00	37%
Citigroup	Aug 11, 2026	Upgrade	Neutral → Buy	$6.75 → $6.00	44%
Canaccord Genuity	Aug 10, 2026	Maintains	Buy	$7.00 → $6.00	43%
TD Cowen	Jul 28, 2026	Maintains	Buy	$8.00 → $5.00	62%
Citigroup	Jul 23, 2026	Downgrade	Buy → Neutral	$5.50 → $6.75	44%
Canaccord Genuity	Jul 21, 2026	Maintains	Buy	$6.00 → $7.00	43%
Truist Securities	Jun 30, 2026	Downgrade	Buy → Hold	$7.00	37%
Truist Securities	Jun 12, 2026	Maintains	Buy	$6.00 → $7.00	37%

The case for and against

Updated Oct 21, 2026

Bull case

Evolent Health is well positioned to benefit from the secular shift toward value-based care, supported by its integrated consultative, IT, and health plan capabilities that help providers manage specialty care and total cost of care more effectively. Following 2Q26 results, management raised 2026 adj. EBITDA guidance to $120M-$135M and introduced 2027 targets of 25%+ revenue growth and about $150M of adj. EBITDA, while estimates now imply $129M in 2026 and $151M in 2027. Revenue momentum is being driven by the Highmark launch, with about $140M of the ~$160M sequential 2Q Performance Suite increase tied to that contract, while improving oncology and cardiology trends and contract adjustments add visibility to the model.

Bear case

Evolent Health is facing a fundamentally pressured outlook because its HCIT and value-based care model depends on government-linked spending, hospital IT budgets, and payer adoption that can all slow at once, while higher price competition and customer consolidation raise the risk of lost business and delayed purchasing decisions. The company also expects meaningful near-term earnings volatility from new contracts, including the roughly $300 million oncology launch and earlier Performance Suite wins, because implementation costs, reserve requirements, and first-year downside exposure can suppress profitability before contracts mature. In addition, management has cited prevalence-driven medical cost pressure, rate degradation in Technology & Services, and 2027 headwinds tied to client-specific factors, all of which suggest weaker revenue quality and margin expansion than investors may expect.

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