** Shares of healthcare service provider ModivCare fall 5.3% to $6.30
** Barrington slashes PT on MODV to $10 from $25; maintains "outperform" rating
** New PT represents a 50.4% upside to the stock's last close
** Brokerage says MODV withdrew its FY/24 and FY/25 guidance due to "slower-than-expected" expense reductions and headwinds associated with the re-underwriting of certain NEMT contracts
** MODV's path to financial stability will be heavily reliant on monetizing its existing assets, particularly the remote patient monitoring and personal care businesses - Barrington
** Brokerage estimates personal care segment worth $480 mln and remote monitoring business worth $240 mln
** Brokerage says it assumes ~$1.3 bln in net debt for MODV 12 months from now
** MODV fell 73.3% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.