Mizuho Securities Downgrades WebMD Health Corp. (WBMD) to Neutral
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Mizuho Securities downgraded WebMD Health Corp. (NASDAQ: WBMD) from Outperform to Neutral with a price target of $52.00 (from $63.00) following solid-Q3 results but a weak 2017 outlook.
Analyst Neil Doshi commented, "WebMD reported a solid 3Q and in-line 4Q. However, the company's initial outlook for 2017 implies a significant decel in Pharma ad revenue given increased uncertainty around drug pricing concerns. While the company is still firming up ad contracts for 2017, we believe that this pricing issue might not be resolved in the near-term, and could result in prolonged uncertainty. As such, we are stepping to the sidelines until we get more clarity on '17 ad budgets for WebMD."
Shares of WebMD Health Corp. closed at $49.92 yesterday.
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