Health Catalyst Inc. (HCAT) PT Raised to $5 at Evercore ISI

Evercore ISI analyst Elizabeth Anderson raised the price target on Health Catalyst Inc. (NASDAQ: HCAT) to $5.00 (from $4.00) while maintaining a In Line rating.

The analyst comments "HCAT’s business model transition continued on pace in 1Q’25 as Ignite’s additional modularity helped to expand the TAM to more mid-sized customers (also helping to smooth out buying seasonality). Total revenue growth in the quarter grew 6.3% (~4.6% organic). While the lower 2Q guidance is not ideal, the timing aspect seems reasonable, and HCAT should see a step up in revenue growth in 2H’25 (M-HSD org), a proof point which should help to ease investor worries regarding the underlying business’s growth rate as well as the accompanying EBITDA inflection. On the back of tonight’s 1Q report, we are modestly tweaking our estimates (mostly rebalancing between 2025 quarters) and updating our price target to $5 (10x ’26 EBITDA)."

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