Sharecare price target lowered to $2 from $3 at Canaccord

Canaccord analyst Richard Close lowered the firm’s price target on Sharecare to $2 from $3 and keeps a Buy rating on the shares. The firm views the 3Q performance favorably, especially in a challenging market and sees the risk/reward profile as favorable given a reorganization that reset Sharecare’s cost structure and driving margin improvement, a company that is approaching cash flow breakeven, and an attractive and deeply discounted valuation.