Agilon health falls as brokerage downgrades on 2023 revenue forecast cut

Agilon Health

08/01/2024 11:55

** Agilon health's  AGL.N  shares down 1.4% at $8.51
premarket
    ** Brokerage Leerink Partners cuts PT on company's shares to
$10 from $25, downgrades to "market perform" from "outperform"
    ** Healthcare services company's shares hit record low in
regular trading on Friday after lowering 2023 total revenue
outlook
    ** AGL on Friday also announced CFO Timothy Bensley's
retirement within next nine months
    ** Company now sees total 2023 revenue of $4.295 bln-$4.31
bln vs previous forecast of $4.31 bln-$4.32 bln
    ** Larger risk going forward is likely around potential
changes a new CFO makes - Leerink Partners
    ** Brokerage also lowers its 2023 to 2025 earnings before
interest, tax, depreciation and amortization (EBITDA) forecasts
    ** At least four other brokerages, including Evercore ISI,
and TD Cowen cut PT
    ** Stock fell ~22% in 2023

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com))