Multiple media sources yesterday indicated that Passport Health Plan was "cautiously optimistic" that the newly finalized Kentucky Medicaid rates will help provide a path for the plan's sustainability, Cantor Fitzgerald analyst Steven Halper tells investors in a research note. Passport is Evolent Health's largest customer. The news is an incremental positive for Evolent, as it is now "much-less likely that Passport will fail," says the analyst. He believes this should lift a "significant overhang" on Evolent Health shares. Halper reiterates an Overweight rating on the stock with a $20 price target.