RBC Capital analyst Sean Dodge upgraded GoodRx to Outperform from Sector Perform with a price target of $10, up from $8. The company’s new initiatives provide it with “several new and meaningful growth opportunities” while also enhancing the durability of its core prescription transaction business, the analyst tells investors in a research note. The firm says GoodRx has signed five pharmacy benefit managers and seven top-10 pharmacies, which provide “good line-of-sight” on annual earnings growth. RBC believes execution will help the stock re-rate to a valuation more in line with its growth rate.
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