Why Cano Health Is Up More Than 9% Today

Shares of primary care and health clinic company Cano Health (NYSE:CANO) are up 9.7% late on Monday following the initiation of analyst coverage by Credit Suisse. The investment bank rates Cano Health an outperform, with a price target of $18 per share.

It's not exactly a household name. Cano Health sports a modest market cap of $2 billion, and its clinic network only drives on the order of $600 million worth of annual revenue. Earnings before interest, taxes, depreciation, and amortization, or EBITDA, for the past 12 months is $52.4 million, in line with the healthcare clinic industry's margin norms. It's also a relatively young company, going public late last year via a special purpose acquisition company (SPAC) in the midst of a pandemic. It's not had much of a chance to tell its story to undistracted investors.

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