"We don't like it, but we get it," Piper Jaffray analyst Sean Wieland says of Evolent Health's $70M investment in its largest customer, Passport Health, to save the company from insolvency. The market's visceral reaction yesterday occurred because management had promised it would not buy another health plan and because the 2019 guidance was believed to be organic, Wieland tells investors in a research note. He believes Evolent was "damned if they did, damned if they didn't." Nonetheless, the analyst keeps an Overweight rating on the shares with a $17 price target due to valuation. He believes the rest of Evolent's business remains well positioned.