BHG - Bright Health downgraded at Morgan Stanley after Q3 results
Noting the higher than anticipated operating loss the company recorded for Q3 2021 and guided for the current quarter, Morgan Stanley has lowered the rating on Bright Health Group (BHG -0.9%) to Equal Weight from Overweight. Bright Health (NYSE:BHG) shares recorded the biggest post-IPO intraday loss on Thursday in reaction to the company’s quarterly results that fell short of Street forecasts. “The potential value case we saw is not materializing,” the analysts led by Ricky R Goldwasser wrote, arguing that the unfavorable trend in operating losses could pressure the company’s financial position and heighten the need to raise additional capital. The price target cut to $5 from $13 per share indicated a premium of only ~1% to the last close. Read why Morgan Stanley upgraded Bright Health (BHG) to Overweight in August.
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Bright Health downgraded at Morgan Stanley after Q3 results