LifeStance initiated with a Buy at BTIG

BTIG initiated coverage of LifeStance (LFST) with a Buy rating and $8 price target The firm says LifeStance is one of the country’s largest outpatient mental health providers. It notes that 90% of the company’s patients are commercially insured, making it well networked into health systems and referring hospitals. BTIG believes commercially insured lives are the most attractive segment of the market since insurance rates are typically well above Medicare and Medicaid rates. LifeStance is differentiated given its in-person and virtual care model, the analyst tells investors in a research note.