Phreesia price target lowered to $32 from $35 at KeyBanc

KeyBanc lowered the firm’s price target on Phreesia (PHR) to $32 from $35 and keeps an Overweight rating on the shares. Ahead of Q3 earnings, the firm believes the setup is mixed across the HCIT landscape. HC Systems are continuing to see elevated utilization, but tech/IT budgets are likely to be challenged by federal funding, KeyBanc notes. The firm believes the Pharma digital advertising environment remains favorable, but sees the bio-pharma funding environment as stagnant, which prolongs any meaningful recovery in spending on R&D software and services. KeyBanc continues to see HCIT platforms than can demonstrate real ROI to clients as faring the best in its coverage.