Needham & Company Starts Accolade Inc. (ACCD) at Buy

April 15, 2021 5:30 AM EDT
Get Alerts ACCD Hot Sheet
Price: $45.05 -2.51%

Rating Summary:
    11 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 13 | New: 24
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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."

For an analyst ratings summary and ratings history on Accolade Inc. click here. For more ratings news on Accolade Inc. click here.

Shares of Accolade Inc. closed at $46.70 yesterday.



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