Accolade downgraded to Hold from Buy at Truist

Truist downgraded Accolade (ACCD) to Hold from Buy with a price target of $7.03, down from $7.50, after Transcarent announced that it has entered into a definitive agreement to acquire the company for $7.03 per share in cash. The combined company will offer solutions to more than 1,400 employer and payer clients as Transcarent’s WayFinding solutions and care experiences combines with Accolade’s Advocacy, Expert Medical Opinion, and Primary Care offerings, the analyst tells investors in a research note, adding that employers are increasingly looking for “one stop” solutions and have been focused on consolidating digital health vendor partnerships.