Alignment Healthcare (ALHC) Gets KeyBanc Backing, 36% PT Hike, Shares Jump

Alignment Healthcare Inc. (NASDAQ:ALHC) is one of the 10 Stocks Surviving Market Slaughter.

Alignment Healthcare rallied for a second day on Wednesday, climbing 7.08 percent to finish at $20.56 apiece, as investors took heart from an investment firm’s bullish coverage for its stock.

In a market note, KeyBanc issued an “overweight” rating and a $28 price target on shares of Alignment Healthcare Inc. (NASDAQ:ALHC), marking a 37 percent upside potential from its latest closing price.

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KeyBanc said that the coverage reflected its more optimistic stance for Alignment Healthcare Inc. (NASDAQ:ALHC), despite a bumpy ride for the company since it reported its first-quarter earnings performance.

According to KeyBanc, the stock has lagged behind the broader market in recent weeks despite a strong rally on Tuesday.

Much of the weakness, the investment firm said, can be pointed to funds pouring into larger and more established players such as UnitedHealth Group and Humana, which are viewed as more attractive, and not due to development specific to Alignment Healthcare Inc. (NASDAQ:ALHC).

KeyBanc said that bear points appeared “overblown,” especially in the context of moderating utilization.

“In our view, solid fundamentals and increasingly attractive valuation should sustain the recovery,” it said.

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