Piper Jaffray analyst Sean Wieland lowered his price target for Evolent Health to $10 from $17 after the company reduced its outlook on profitability for the second half of 2019. While the stock is trading as if the business is going away, which it isn't, management remains optimistic on the outlook, Wieland tells investors in a post-earnings research note titled "Solid Value Play." At the "very least," the analyst believes Evolent is worth one times enterprise value to 2020 sales, or $10 per share. And if you "pro-forma'd out Passport entirely," the stock is still worth $8, says Wieland. He reiterates an Overweight rating on the name.