UPDATE: Credit Suisse Initiates Coverage on Everyday Health with Outperform Rating, $23 PT on Good Market Position

In a report published Tuesday, Credit Suisse analyst Stephen Ju initiated coverage on Everyday Health EVDY with an Outperform rating and $23.00 price target. In the report, Credit Suisse noted, “Against the larger pharma industry backdrop of sales force reductions and hence a greater willingness among brands to directly advertise to the patient/consumer, we note that online share of total advertising dollars in the health care category stands at about 3%, which significantly lags that of other verticals. In addition, as Everyday Health is selling through less than half of its available inventory, it is poised to gain share within its category.” Everyday Health closed on Monday at $13.99.