Here's Why Accolade Shares Are Trading Higher Today

  • Needham analyst Ryan MacDonald reiterated a Buy rating on Accolade, Inc ACCD with a price target of $12.
  • Following a problematic 4QF22, he noted that Accolade bounced back nicely in 1QF23 as the company beat management's initial outlook for FY23 revenue and adjusted EBITDA. 
  • While early in the selling season, ACCD won more new business in 1QF23 than 1QF22, noting improved win rates and stable pricing. 
  • ACCD is seeing an increase in RFP activity as the uncertain macro environment has increased focus on healthcare cost reductions, he pointed out. 
  • Additionally, ACCD is making excellent progress towards its goal of hitting adjusted EBITDA breakeven in FY25, notably as the company announced a 4% headcount reduction early in 2QF23 to streamline the organization. 
  • ACCD appears to be on the road to recovery, and he believes 1QF23 represents a solid first step. 
  • Canaccord Genuity analyst Richard Close maintained Accolade with a Buy and cut the price target from $17 to $12.
  • Goldman Sachs analyst Cindy Motz reiterated Accolade with a Buy and slashed the price target from $15 to $13.
  • Price Action: ACCD shares traded higher by 19.3% at $8.83 on the last check Friday.

Posted In: Briefswhy it's movingNewsPrice TargetReiterationSmall CapAnalyst RatingsMoversTechTrading Ideas

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