GoodRx pre-announcement ‘directionally positive,’ says Wells Fargo

Wells Fargo analyst Stan Berenshteyn notes that GoodRx pre-announced FY23 revenue ahead of its prior guidance and while the guidance appears to bracket consensus, the firm sees room for consensus estimates to “move higher within that range.” 2024 guidance for “mid-single-digit” top-line growth and “high-20%” adjusted EBITDA margin also appears to bracket consensus expectations, but the firm views the pre-announcement and guidance as “directionally positive” and providing better visibility into the 2024 trajectory, adds the analyst, who keeps an Equal Weight rating and $6 price target on the shares.