UPDATE: Goldman Sachs Reinstates Accolade Inc. (ACCD) at Buy
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Goldman Sachs analyst Robert Jones reinstates coverage on Accolade Inc. (NASDAQ: ACCD) with a Buy rating and a price target of $59.00.
The analyst comments "We have removed the NR designation from ACCD shares, and now have a Buy-rating with a 12-month price target of $59. The company’s recent acquisition of 2nd.MD, an expert medical opinion and decision support company, helps expand ACCD’s value proposition further beyond its core offering in the benefits navigation space, and we think the potential cross sell opportunity is compelling. Also, we have been encouraged by positive commentary in recent quarters regarding the company’s relationships with HUM and TRICARE, which could also be meaningfully additive to the growth outlook longer term. Nearer term, we think there could be upside to FactSet FY22 consensus revenue estimates (and the company’s LT >25% growth target) based on publicly announced wins thus far (detailed analysis within). All-in, we continue to like the story and see a number of paths to upside that would be incremental to the company’s already attractive growth algorithm."
Shares of Accolade Inc. closed at $43.13 yesterday.
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