Livongo Health Downgraded To Neutral From Buy At Goldman Sachs
Goldman Sachs analyst Robert Jones downgraded Livongo Health (LVGO) to Neutral from Buy with a price target of $70, up from $48. The stock closed Wednesday down 78c to $74.41.
Since its initial public offering on July 26, 2019, Livongo has outperformed the market by 92% as management has "over-delivered relative to already healthy expectations," Jones tells investors in a research note.
Though positive on the company's growth prospects, the analyst sees a more balanced risk/reward at current share levels. He'd look to become incremental buyers of Livongo shares once some of its "more nascent" long-term opportunities "become more fleshed out and gain traction."
Disclosure: None.