Wells Fargo upgraded GoodRx to Overweight from Equal Weight with a price target of $10, up from $7.50. The analyst believes the company’s 2024 guidance has good visibility with upside potential to both estimates and valuation multiples. The firm also thinks GoodRx’s EBITDA margins may trend ahead of consensus in 2025. GoodRx’s revenue visibility has materially improved, which sets up the company to deliver a “beat and raise narrative” in 2024 with upside to consensus expectations in 2025, the analyst tells investors in a research note. Wells expects this dynamic to help the stock close the valuation gap to its peers, in turn setting up the stock to see “meaningful outperformance” over the next 12 months.
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