Amwell price target lowered to $10 from $40 at Piper Sandler

Piper Sandler lowered the firm’s price target on Amwell to $10 from $40 to reflect the reverse stock split, while keeping a Neutral rating on the shares following quarterly results. The firm notes the company reported a Q2 revenue and adjusted EBITDA beat, driven by 1-time items in Subscription Revenue and meaningful operating leverage quarter-over-quarter. Piper is encouraged by Q2 results, but it believes risk reward is balanced into Q3 earnings where expectations are elevated and sequential compares could create some noise.