UPDATE: DarioHealth Corp. (DRIO) PT Lowered to $25 at Stifel, Following Earnings Miss
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Rating Summary:
8 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Stifel analyst David M. Grossman lowered the price target on DarioHealth Corp. (NASDAQ: DRIO) to $25.00 (from $30.00) after the company reported 1Q21 results that missed expectations with Revenue within $0.1mn of the Stifel estimate but the EBITDA loss higher. Management does not provide guidance, so consensus is in a wide range and less indicative of what the company is expecting.
The analyst reiterated a Buy rating, stating "The company also announced the acquisition of behavioral health provider wayForward, which we view positively as the company executes its strategy to provide a comprehensive digital health solution to the enterprise market. It is still early in the enterprise sales cycle (closes Aug/Sept); however, the company expects to sign at least one health plan in 2Q and potentially another employer or provider. 2021 is a transitional year, which creates near-term forecasting challenges, and we are lowering our 2021 revenue forecast to reduce dependence on 2H. That said, fundamentally the company is doing the right things to create a digital health platform purpose built for the enterprise market and remains attractive at 7x 2022 revenues."
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