Needham & Company Starts Accolade Inc. (ACCD) at Buy
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Needham & Company analyst Ryan MacDonald initiates coverage on Accolade Inc. (NASDAQ: ACCD) with a Buy rating and a price target of $59.00.
The analyst comments "Accolade, as an innovative provider of tech-enabled services, combines a proprietary technology platform with health assistants to deliver a high level of member benefits engagement and reduce healthcare costs for employers. In our view, Accolade's early success merely scratches the surface of an attractive $24B+ TAM. Favorable market dynamics include an expected above-trend increase in healthcare costs in 2021 and a workforce that increasingly doesn't fully understand its benefits. The compelling addressable market, combined with the company's strategic acquisition of 2nd.MD give us confidence that ACCD's near-term growth will accelerate to 40%+ while its GM expands. Our $59 PT represents and EV/sales multiple of 15.0x our FY22 estimate."
Shares of Accolade Inc. closed at $46.70 yesterday.
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