Health Catalyst Inc. (HCAT) PT Raised to $9 at Stephens

Stephens analyst Jeff Garro raised the price target on Health Catalyst Inc. (NASDAQ: HCAT) to $9.00 (from $7.00) while maintaining a Equal Weight rating.

The analyst commented: "HCAT achieved a modest EBITDA beat and raise in 3Q24 and re iterated its FY24 bookings expectations inclusive of record low-20's net new platform subscription adds and DBR of 100% - 106%. Shares have traded favorably the last 3 mo.'s after bottoming near all time low's, as HCAT continues to execute on profitability expansion and the debate shifts to whether positive end-market commentary and accelerating new technology platform client additions supporting "DD growth" skews toward 10% or a rebound toward low-teens. We view another quarter of favorable P&L execution, revenue mix shifting back toward software, and continued prioritization of high margin pipeline as tailwinds for multiple expansion from current valuation levels. That said, we acknowledge the importance of— and potential variance around—Q4 bookings outcomes, and await more clarity on the composition of FY25 growth before getting more constructive."

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