Phreesia upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Sean Dodge upgraded Phreesia (PHR) to Outperform from Sector Perform with a price target of $32, up from $24. The firm cites greater conviction in the company’s longer-range EBITDA outlook for the upgrade. It now sees a clearer path for Phreesia to drive higher revenue per client, while also maintaining a stable cost base. Phreesia has recently realigned its efforts toward driving a bigger proportion of its growth by increasingly monetizing its existing client base, whereas historically a majority of growth was driven via new client adds, the analyst tells investors in a research note.