Health Catalyst price target lowered to $16 from $17 at Citi

Citi analyst Daniel Grosslight lowered the firm’s price target on Health Catalyst to $16 from $17 and keeps a Buy rating on the shares after meeting with management. The analyst came away with increased confidence that the company will see a normalization in the sales cycle in 2024, which will lead to acceleration of growth to high-teens in 2025 and beyond. That said, for 2023, Health Catalyst has limited sales upside as only 5% of its revenue typically comes from intra-year client adds, the analyst tells investors in a research note.