American Well Corp. (AMWL) PT Lowered to $35 at Cowen

Cowen analyst Charles Rhyee lowered the price target on American Well Corp. (NYSE: AMWL) to $35.00 (from $41.00) while maintaining an Outperform rating.

The analyst commented, "AMWL reported strong 4Q20 results with revenue, gross margin, and adj. EBITDA all better than expected. 2021 guidance met expectations ex R&D spending that was pulled forward. We see several sources of potential upside to 2021 guidance including from the Google and Cleveland Clinic partnerships and UNH rollout. AMWL's April 28th Client Forum or M&A are the next likely catalysts for shares."

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