Phreesia price target lowered to $33 from $38 at Canaccord

Canaccord analyst Richard Close lowered the firm’s price target on Phreesia (PHR) to $33 from $38 and keeps a Buy rating on the shares. The firm said its 3Q results included essentially in-line revenue with growth at 12.7%, but with a sizable 27.9% adj-EBITDA beat and margin hitting 24.2% and rising 550 bps tear-over-year as significant operating leverage continues. Due to the current uncertainty in Pharma budgets with potential regulatory and drug pricing changes, management may be taking a more conservative approach to guidance and there arequestions on its core revenue growth.