Phreesia: Buy Rating Maintained on Long-Term Network and Subscription Growth Upside Despite Near-Term Multiple Compression

Stan Berenshteyn, an analyst from Wells Fargo, maintained the Buy rating on Phreesia. The associated price target was lowered to $25.00.

Stan Berenshteyn has given his Buy rating due to a combination of factors tied to Phreesia’s long‑term growth drivers, even as near‑term upside appears modest. He highlights the company’s expanding Network business, where he expects growth meaningfully above the rest of the portfolio, supported by stronger direct‑to‑consumer advertising budgets and increasing opportunities to monetize healthcare providers over time.

He also points to underappreciated upsell potential within the Subscription segment, where new tools such as AI‑enabled capabilities can deepen wallet share and reinforce competitive positioning. In addition, he views the AccessOne revenue decline as largely tied to a specific acquired asset rather than weakness in the core business, and despite cutting his price target on sector multiple compression, he still sees the shares as attractively valued relative to peers on forward EBITDA and free cash flow metrics.

In another report released on March 24, Mizuho Securities also maintained a Buy rating on the stock with a $19.00 price target.

Based on the recent corporate insider activity of 134 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PHR in relation to earlier this year.