HealthEquity price target lowered to $110 from $120 at Citizens JMP

Citizens JMP analyst Constantine Davides lowered the firm’s price target on HealthEquity (HQY) to $110 from $120 and keeps an Outperform rating on the shares. Citizens remains constructive on HealthEquity following the Q4 results, given several product introductions, continued technology innovations, intended to improve member experience and lower service costs, as well as any total addressable market expansion tied to potential regulatory or legislative advancements, the analyst tells investors in a research note. The firm believes fraud-related expenses are transitory, though they are expected to weigh on near-term profitability.