Phreesia price target lowered to $33 from $35 at Citi

Citi analyst Daniel Grosslight lowered the firm’s price target on Phreesia (PHR) to $33 from $35 and keeps a Buy rating on the shares. While stating that “there was nothing too concerning” in Q1 results, the firm notes shares have traded down about 5%, which it attributes to expectations for a revenue beat this quarter. Given lack of visibility, though, the firm is lowering revenue estimates in FY25, FY26 and FY27, which leads to a slight reduction in its adjusted EBITDA estimates and an associated change in its price target