UPDATE: Bank of America Reiterates Underperform Rating, Lowers PT on eHealth on Slight Q4 Miss

In a report published Friday, Bank of America reiterated its Underperform rating on eHealth

, but lowered its price target from $28.00 to $26.00. Bank of America noted, “eHealth reported Q4 rev/non-GAAP EPS of $45.3mn/$0.18, slightly below Street at $46.2mn/$0.20. Downside was largely driven by Medicare growing just 6% y/y (vs. 93% in Q3) due to the segment comping against a higher one-time lead generation fees vs. longer-term recurring fees. On a positive note, IFP submitted application volume of 113,600 sequentially accelerated 550bp to 10.1% y/y while average commission rev per member increased 1.6% y/y to $39.07. We are maintaining our Underperform while lowering our PO to $26 (from $28) based on 15x (down from 17x) our 2014 FCF/share estimate plus ~$6.61/cash per share.” eHealth closed on Thursday at $25.40.