Amwell downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach downgraded Amwell to Equal Weight from Overweight with a price target of $2.50, down from $5. The company’s Q2 results brought “another setback on growth,” the analyst tells investors in a research note. The firm says Amwell’s first half of 2023 bookings were below expectations and that while there is a value creation opportunity as customers migrate to Converge, this now seems to be a 2024/2025 story.