Wells Fargo analyst Stephen Baxter reiterated an Equal Weight rating and $2.00 price target on American Well Corp. (NYSE: AMWL), calling the DHA contract a "clear positive."

The analyst commented, "While specific economics for Amwell are not clear, we view this contract as a clear positive development for the company and a vote of confidence in the capability of its Converge platform. We expect to get more details alongside 3Q earnings on 11/1."

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Shares of American Well Corp. closed at $1.02 yesterday.