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Accolade price target lowered to $7 from $14 at BofA

BofA lowered the firm’s price target on Accolade to $7 from $14 and keeps a Buy rating on the shares. The firm is reducing the multiple to reflect a lower growth profile and peer group multiple compression. BofA notes Accolade’s Q1 results were generally in line with expectations, with revenue and EBITDA in-line with Street/BofA estimates when adjusting for a $6M PG revenue pull forward in the quarter. However, management is focusing on profitability and is moderating marketing spend.

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