Baird analyst Joe Vruwink downgraded Phreesia Inc. (NYSE: PHR) from Outperform to Neutral with a price target of $10.00 (from $25.00).

The analyst comments: "Revenue outlook for FY27 lowered by ~7% as Network Solutions weathers lower marketing spending commitments from specific brands for 2H27; spending adjustments were cautioned/ incorporated in the December 2025 call (echoed elsewhere), but the follow-on magnitude is more than we expected, and this likely extends the overhang around the stock amidst other AI/SaaS debates. Valuation still screens low at after-hours prices and on unchanged EBITDA outlook (~5x EBITDA, ~15x FCF removing SBC), but confidence in growth trajectory is most important and this has become more variable."

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

Shares of Phreesia Inc. closed at $11.41 yesterday.