Evolent Health shares rise 12.33% after-hours as Citigroup maintains Buy rating despite lowering price target to $9.50 from $11.50.

Evolent Health (EVH) surged 12.33% in after-hours trading following Citigroup’s decision to maintain its Buy rating despite lowering the price target to $9.50 from $11.50. While the adjusted target reflects a 17.39% reduction, the continued endorsement of EVH as a Buy likely bolstered investor confidence, signaling analysts’ belief in the stock’s long-term potential despite near-term valuation adjustments. The move aligns with broader analyst sentiment, as the average price target of $11.04 (based on 14 analysts) remains above Citigroup’s revised level. The stock’s sharp rise suggests traders interpreted the maintained Buy recommendation as a net positive, outweighing concerns over the reduced target.