Streamline Health price target lowered to $1 from $2 at Lake Street

Lake Street analyst Brooks O’Neil lowered the firm’s price target on Streamline Health to $1 from $2 and keeps a Buy rating on the shares after the company announced it received a termination notice from a client generating $4.5M of annual SaaS revenue. “That is a big hit for a company generating roughly $18.0M of SaaS ACV now,” says the analyst, who has lowered the firm’s estimates for FY23 to reflect the customer termination for one month and its forecasts for FY24 while also adjusting expense expectations due to the strategic restructuring initiatives and expected annualized cost savings.