Accolade price target raised to $13 from $10 at Wells Fargo

Wells Fargo analyst Stan Berenshteyn raised the firm’s price target on Accolade to $13 from $10 and keeps an Equal Weight rating on the shares. The analyst gives credit to Accolade’s reiterated fiscal 2024 revenue guidance and expected margin pickup. However, the firm remains on the sidelines, saying the shares are straddled by its $13 base case and $18 bull case. Market expectations appear to set a high bar for Accolade’s upcoming margin pick-up announcement, the analyst tells investors in a research note.