Piper Sandler downgraded Health Catalyst (HCAT) to Neutral from Overweight with a price target of $4, down from $8. The company’s bookings disappointed in the first half of 2025 and its cut revenue guidance for the remaining of the year on lower net revenue retention and churn, the analyst tells investors in a research note. The firm says Health Catalyst’s 2025 guide-down removes all organic growth from the outlook while the company sees revenue declining year-over-year in 2026. Piper expects the shares to be range bound given the lack of organic growth.
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