Amwell downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Jessica Tassan downgraded Amwell to Neutral from Overweight with a price target of $3.50, down from $5. The company reported a sequential decline in Q4 subscription revenue and issued "tepid" fiscal 2023 guidance, the analyst tells investors in a research note. The firm believes the Converge rollout will elongate sales cycles and elevate churn risk over the next 12 months. It cites a lack of near-term catalysts for the downgrade.