Amwell downgraded on growth inflection delay at TD Cowen

TD Cowen analyst Charles Ryhee downgraded Amwell to Market Perform from Outperform with a price target of $2.50, down from $5. Amwell remains well positioned for the future of virtual care, but 2023 is not the post-Converge migration growth inflection as anticipated, the analyst tells investors in a research note. The firm says the company’s 2023 guidance "pushes growth out another year." When coupled with "less than bullish industry checks," Amwell path to growth and breakeven looks longer than expected, with limited near-term catalysts, contends TD Cowen.