UPDATE: Piper Jaffray Initiates Coverage on Benefitfocus with Overweight Rating, $50 PT on SaaS Platform for Health Benefits, Sustainable Growth

In a report published Monday, Piper Jaffray analyst Sean W. Wieland initiated coverage on Benefitfocus BNFT with an Overweight rating and $50.00 price target. In the report, Piper Jaffray noted, “Benefitfocus is a SaaS platform that powers private health benefit exchanges for employers and insurance carriers. We are in the very early stages of the transition from the defined benefit model to the defined contribution model with regard to health benefits, and we believe Benefitfocus has first mover advantage with the necessary platform to enable this transition for its customers. Initiate with Overweight, $50 PT.” Benefitfocus closed on Friday at $41.86.