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Fly News Breaks for October 7, 2019
EVH
Oct 7, 2019 | 05:07 EDT
Following a deep dive into archives from Kentucky's Interim Joint Committee on Health Welfare and Family Services, Statutory Committee on Medicaid Oversight, and Cabinet for Health and Family Services, Piper Jaffray analyst Sean Wieland is incrementally more confident of a win in the state for Evolent Health. The analyst highlights a June 2019 extension securing Passport Health's calendar year 2020 participation in a Kentucky Medicaid contract "that is widely and mistakenly assumed to be at risk." He believes the extension bodes well for Passport in the state's 2021-2025 rebid Medicaid contract. Evolent Health is Passport's chief third party administrator, Wieland points out. He thinks Kentucky's contract awards will be a positive near term catalyst for Evolent and keeps an Overweight rating on the shares with a $10 price target.