Accolade downgraded to Hold at Jefferies after ‘lukewarm’ survey results

As previously reported, Jefferies analyst Glen Santangelo downgraded Accolade to Hold from Buy with a price target of $14, up from $12. The firm’s survey of 35 benefits consultants came back with "lukewarm" results when it came to navigation, suggesting spending on the benefit could be impacted in the current environment, Jefferies tells investors. Given the survey results, along with the fact that Accolade shares are now up more 60% year-to-date and more than 135% since bottoming in April of last year, the firm believes the risk/reward is now more balanced.