Premier price target lowered to $37 from $46 at Benchmark

Benchmark analyst Bill Sutherland lowered the firm’s price target on Premier to $37 from $46 and keeps a Buy rating on the shares. Premier reported what Benchmark calls "another noisy quarter," with lower revenue along with a reduction in FY23 guidance as a number of member hospitals are still struggling with supply chain, labor and utilization headwinds to a greater degree than expected. The firm is assigning "a wide valuation discount to comps" for Premier due to reduced near-term visibility, the analyst noted.