UPDATE: Piper Sandler Downgrades Tabula Rasa Healthcare (TRHC) to Neutral
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Piper Sandler analyst Sean Wieland downgraded Tabula Rasa Healthcare (NASDAQ: TRHC) from Overweight to Neutral with a price target of $41.00.
The analyst comments "We lack conviction in TRHC's ability to execute on what we believe is an aggressive, and back-half weighted, FY21 guide. We see headwinds to revenue and adjusted EBITDA targets, and can't continue to give the company credit for bookings and pipeline successes when conversions seem to be perpetually delayed. We continue to believe that medication safety will be an important part of managing cost and quality in a healthcare delivery paradigm that's rapidly shifting from fee to value, and view TRHC's end markets as highly attractive, under-penetrated and growing. We remain hopeful that the company can capitalize on being in the right place at the right time, but we downgrade to Neutral pending evidence of execution towards FY21 targets and slightly raise our PT to $41."
Shares of Tabula Rasa Healthcare closed at $47.45 yesterday.
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