Phreesia named 2023 Top Pick, added to Conviction List at Needham

Needham analyst Ryan MacDonald raised the firm’s price target on Phreesia (PHR) to $40 from $35 and keeps a Buy rating on the shares with a 2023 Top Pick designation. The analyst is also adding the stock to the Needham Conviction List while removing DocGo (DCGO). The company’s scaled go-to-market functions and new innovations will contribute to revenue acceleration in both Subscription + Payments as well as the rapidly developing Network Solutions, MacDonald tells investors in a research note, adding that he sees potential for $27.5M in revenue upside to the FY24 consensus from scaling the existing client base and penetrating the Medicare age-in opportunity.