Phreesia Inc. (PHR) PT Raised to $60 at Cantor Fitzgerald

March 31, 2021 12:08 PM EDT
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Price: $51.10 -0.62%

Rating Summary:
    14 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Cantor Fitzgerald analyst Steven Halper raised the price target on Phreesia Inc. (NYSE: PHR) to $60.00 (from $55.00) while maintaining an Overweight rating.

The analyst commented, "We reiterate our Overweight rating on PHR shares and increase our price target to $60 from $55. After the market close on Tuesday, March 30, the company reported solid F4Q21 results. Revenue was ahead of our expectations and FactSet consensus, while adjusted EBITDA was a touch below. Similar to F3Q21, the top-line benefited from solid growth in new provider clients as well as healthcare utilization returning to near pre-COVID levels. Revenue per provider client grew at a more modest clip. The company has been focused on increasing its footprint of clients, which we think bodes well for long term growth. With this, we have factored in higher growth rates into our DCF model, which is the primary reason for our revised price target. The company's F22 revenue guidance suggests strong growth. Given a higher level of investments in F22, the company will likely use more cash than it did in F22. Still, we remain bullish on PHR shares given the company's long-term growth potential."

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