HealthEquity price target lowered to $110 from $130 at BTIG

BTIG lowered the firm’s price target on HealthEquity (HQY) to $110 from $130 and keeps a Buy rating on the shares. Shares have come under pressur due to the “AI-fear” sell-off as some investors believe that AI may disrupt the Health Savings Account market, but the firm believes that it takes decades to develop systems that can properly adjudicate claims, and the healthcare industry is enormously complex, the analyst tells investors in a research note. HealthEquity should benefit from about 7M bronze plan members that become eligible for HSAs, lives moving from Silver to Bronze due to the expiration of enhanced subsidies, and a healthy labor market, the firm adds.