Accolade price target raised to $15 from $12 at Piper Sandler

Piper Sandler raised the firm’s price target on Accolade to $15 from $12 and keeps an Overweight rating on the shares. The firm notes FY24 guidance inches higher following Q3 revenue and adjusted EBITDA beat. Accolade’s Q3 outperformance levels the Q4 ramp and renders the company’s revised full year guidance entirely achievable, in Piper’s view. Citing an active pipeline, increasing intra-account activity, and technology-led efficiency gains, Accolade expressed confidence in durable double-digit growth and raised FY29 margin targets, the firm adds.