Health Catalyst price target raised to $9 from $7 at Stephens

Stephens analyst Jeff Garro raised the firm’s price target on Health Catalyst (HCAT) to $9 from $7 and keeps an Equal Weight rating on the shares following “a modest EBITDA beat and raise” in Q3 and the company reiterating its FY24 bookings expectations. The firm views 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,” but acknowledges the importance of and potential variance around Q4 bookings outcomes and waits for more clarity on FY25 growth before getting more constructive.