Raymond James analyst Michael W. Freeman has maintained their bullish stance on WELL stock, giving a Buy rating on November 3.
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Michael W. Freeman has given his Buy rating due to a combination of factors including WELL Health Technologies Corp’s strong performance in the third quarter, where revenue was roughly in line with expectations and adjusted EBITDA exceeded forecasts. The Canadian Clinics segment demonstrated robust margins, contributing significantly to the overall EBITDA beat. Additionally, the company’s strategic focus on the Canadian market and progress in divesting U.S. operations are seen as positive indicators of future growth.
WELL’s financial guidance for the fiscal year 2025 remains strong, with expectations of revenue between $1.4 billion and $1.45 billion and adjusted EBITDA between $190 million and $210 million. Moreover, WELLSTAR’s recent fundraising and acquisition activities, aimed at enhancing AI-driven innovation and organic growth, bolster the company’s growth prospects. The planned IPO of WELLSTAR, with a target revenue run-rate of over $100 million, further underscores the potential for significant value creation, justifying the Buy rating.
W. Freeman covers the Healthcare sector, focusing on stocks such as Profound Medical, Vitalhub, and Medexus Pharmaceuticals Inc. According to TipRanks, W. Freeman has an average return of 5.0% and a 51.85% success rate on recommended stocks.
In another report released on November 3, Maxim Group also reiterated a Buy rating on the stock with a C$8.00 price target.