HealthEquity downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded HealthEquity (HQY) to Sell from Neutral with an $89 price target After a year when fundamentals diverged from stock performance, 2026 should represent a return to normalized patterns where organic growth defines relative valuation, the analyst tells investors in a research note. The firm thinks the stock’s multiple will come under pressure until the next leg of growth opportunity emerges.