Phreesia price target lowered by $10 at JPMorgan, here’s why

JPMorgan analyst Anne Samuel lowered the firm’s price target on Phreesia to $28 from $38 and keeps an Overweight rating on the shares. The analyst says most healthcare technology and distribution companies embedded continued pressure in their early 2024 outlooks. Despite that fact, JPMorgan’s sentiment survey points to 83% of recipients expecting the space to be up over 5% next year with 57% expecting an improvement in the underlying demand environment for life sciences, and 57% expecting improvement in the provider space, the analyst tells investors in a research note. The firm continues to favor companies with specific drivers in place, and favor Progyny (PGNY) for the long-term market growth and share capture opportunity, and Evolent (EVH) for the “macro insulation and visibility.”