Health Catalyst upgraded to Outperform at Evercore ISI on IT demand inflection

As previously reported, Evercore ISI upgraded Health Catalyst to Outperform from In Line with a price target of $11, up from $9. The Street is now “properly modelling” 16% Professional Services growth through FY25 and hospitals’ financial outlooks are now showing more persistent inflection with a particular uptick in IT demand for data/analytics, which “bodes well” for a second half of 2024 reacceleration in Tech revenues, the analyst tells investors.