Phreesia price target raised to $33 from $30 at Raymond James

Raymond James raised the firm’s price target on Phreesia (PHR) to $33 from $30 and keeps an Outperform rating on the shares. Phreesia reported a “modest” Q2 beat and announced the $160M acquisition of AccessOne, its largest acquisition yet, the analyst tells investors in a research note. AccessOne appears to be a solid asset that will have synergies with Phreesia’s payment processing business, and strengthen its value proposition when selling to larger clients, though Raymond James says the multiple “is a bit rich.”