Alignment Healthcare Inc (ALHC) PT Lowered to $12 at TD Cowen

TD Cowen analyst Ryan Langston lowered the price target on Alignment Healthcare Inc (NASDAQ: ALHC) to $12.00 (from $21.00) while maintaining a rating.

The analyst commented: "3Q26 Preview Model Update: Lower 3Q-4Q26 EBITDA Ests, PT to $12; We lower our 3Q+4Q26 EBITDA estimates by ~$8m each qtr, contemplating the IP/SNF utilization pressure and our anticipation of unfavorable claims development following commentary at a mid-September investor conference. We are lowering our price target to $12, or 0.4x EV/revenue. This implies a value of $7.5-$8k per MA life vs $5-$15k 2+ decade historical acquisition multiple range.

We are updating our 2026/2027/2028E adj EBITDA estimates from previous $156m/$216m/$280m to $140m/$196m/$255m. Our price target moves to $12, or 0.4x 2027E EV/Revenue. This PT implies a value of $7.5-$8k per MA life vs $5-$15k 2+ decade historical acquisition multiple range."

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