Phreesia Inc. (PHR) PT Raised to $70 at Needham & Company

Needham & Company analyst Ryan MacDonald raised the price target on Phreesia Inc. (NYSE: PHR) to $70.00 (from $60.00) while maintaining a Buy rating.

The analyst commented, "We are reiterating our Buy rating, while increasing our PT to $70, on Phreesia (PHR) following our fireside chat with company CEO Chaim Indig at our annual Needham Growth Conference. During the chat, Phreesia highlighted the large and under-penetrated TAM in which the company operates and the investments being made to increase penetration. In our view, there is a clearly heightened level of demand from healthcare providers to streamline expensive manual processes in an effort to optimize the cost structure as a result of the financial stress of the COVID-19 pandemic. When combined with Phreesia's GTM investments, platform functionality enhancements to adjust to the COVID environment and an expected return of patient visits to pre-pandemic levels, we believe revenue growth will accelerate in FY22."

You May Also Be Interested In

• CLSA Upgrades Indus Towers Ltd (INDUSTOW:IN) to Buy (1)
• Needham Starts Viavi Solutions (VIAV) at Hold
• Tourmaline Oil Corp. (TOU:CN) (TRMLF) PT Raised to Cdn$77.50 at CIBC