Needham Reiterates Hold Rating on American Well Corp. (AMWL)

Needham analyst Ryan MacDonald reiterated a Hold rating on American Well Corp. (NYSE: AMWL).

The analyst commented: "After market close, AMWL hosted an update call on the ongoing DHA contract implementation, providing a demonstration, slide show and Q&A that shed light on the evolving segment of the business. Following the Q2 earnings call, Behavioral Health was live at the 5 initial sites, and since, the company has deployed Converge at the initial 5 sites, and has now begun rolling out Automated Care, putting the company on pace for completion and enterprise deployment in 4Q24, aligning with previous expectations. As a result, we believe financial targets are on track, but management refrained from reaffirming FY25 and FY26 targets, noting they will provide a formal outlook in February. As such, we found the updates to be positive and encouraging, but we remain sidelined until further financial visibility arises."

For an analyst ratings summary and ratings history on American Well Corp. click here. For more ratings news on American Well Corp. click here.

Shares of American Well Corp. closed at $10.15 yesterday.

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