Omada Health, Inc.: Strong Market Position and Growth Potential Drive Buy RatingWe are reiterating our Buy rating while raising our PT to $28 following the company's strong 3Q25 results in which revenue and adj. EBITDA came in nicely ahead of expectations driven by an impressive number of member adds which highlights the strength of Omada's engagement initiatives. However, Omada isn't just a 2025 success story, in our view, as strong selling season momentum has created double-digit growth in client wins, while OMDA's newest channel relationship is already bearing fruit with a number of multi- condition customer wins. We believe this sets OMDA up well heading into FY26 to continue its strong profitable growth trajectory on the back of what is expected to be a near-50% growth year. We remain buyers on strength as we expect OMDA to gain share in a multi-year GLP-1 driven cardiometabolic health adoption cycle.