Canaccord analyst Richard Close lowered the firm’s price target on Health Catalyst (HCAT) to $5 from $9 and keeps a Buy rating on the shares. The firm updated its model following Q2 results and following the company’s annual Health Analytics Summit they walked away from their time with management and clients encouraged by the direction Health Catalyst is heading. That is, shifting the business to high-margin technology and less reliance on lower-margin Professional services as AI technology is more heavily integrated into the company’s offerings.
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