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LifeStance upgraded to Buy from Neutral at UBS

UBS analyst Kevin Caliendo upgraded LifeStance (LFST) to Buy from Neutral with an unchanged price target of $8.50. The firm we sees a fundamental disconnect between the company’s underlying performance and the stock’s valuation today. The recent stock weakness is related to investor de-risking and “some perhaps misunderstood headlines” coming out of the Q1 print, the analyst tells investors in a research note. UBS says there is “noise” surrounding LifeStance’s pause in federal enforcement of the mental health parity rule, which should have no impact to reimbursement rates or its rate improvement trajectory.

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