Accolade price target lowered to $7 from $13 at Canaccord

Canaccord lowered the firm’s price target on Accolade to $7 from $13 and keeps a Buy rating on the shares. The firm said they posted a solid 2Q with revenue and adj-EBITDA above Street estimates in addition to positive free cash flow. 3Q guidance ranges came in below estimates which may create some reason for pause, but its reiterated FY’25 guidance provides confidence in the company attaining performance guarantees and new business to bridge the gap in 4Q.