Phreesia price target lowered to $22 from $32 at Canaccord

Canaccord lowered the firm’s price target on Phreesia (PHR) to $22 from $32 and keeps a Buy rating on the shares. The firm said despite beating 4Q 206 revenue and adj-EBITDA, the focus will be on 2027 revenue guidance with a 6.7% reduction at the mid-point. The reduction is due to continued uncertainty in pharma marketing, with the company stating “certain clients are committing fewer dollars due to brand-specific dynamics, including the impact of regulatory policies.” Importantly, this does not appear broad- based, but due to the lack of visibility on 2H 2027.