American Well Corp. (AMWL) PT Lowered to $25 at Cowen

Cowen analyst Charles Rhyee lowered the price target on American Well Corp. (NYSE: AMWL) to $25.00 (from $29.00) while maintaining a Market Perform rating.

The analyst commented, "We're updating our model, lowering our 2021 rev est from $264.3M to $257.3M reflecting updated flu expectations, and our adj. EBITDA est includes ~$10M burden from the acqs of SilverCloud & Conversa. However, we raise our 2022E rev to $356.9M, reflecting acquisitions offset in part by flu impact into 2022. We lower PT to $25 from $29, implying a target EV/sales multiple of ~16x."

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