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HealthEquity price target raised to $117 from $112 at RBC Capital

RBC Capital raised the firm’s price target on HealthEquity (HQY) to $117 from $112 and keeps an Outperform rating on the shares. The company delivered strong Q1 results that were well above the Street estimates, and more importantly, put the major investor concern of continued elevated fraud expense to rest, calling out declines in fraud activity while showcasing that its new controls are working, the analyst tells investors in a research note. With regulatory tailwinds from the pending reconciliation bill, the earnings call was also highly positive, RBC added.

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