Revised Targets Desjardins’ Jerome Dubreuil cut his WELL Health Technologies Corp. target to $5.25 from $5.50 with a “hold” recommendation, while Stifel’s Justin Keywood trimmed his Street-high target to $11 from $12 with a “buy” rating. The average is $7.96.
“WELL reported results which were slightly ahead of expectations,” said Mr. Dubreuil. “The company also provided 2024 revenue guidance which slightly beat consensus. However, profitability growth is lagging top-line improvement and management appears to be tilting capital allocation toward primary care. Although attractive consolidation opportunities exist in this segment, we believe these operations are not as scalable as pure technology, and therefore we do not think the 13 times EV/2024 EBITDA is particularly attractive.”