Phreesia price target raised to $34 from $31 at Truist

Truist raised the firm’s price target on Phreesia (PHR) to $34 from $31 and keeps a Buy rating on the shares after its Q3 results. The company notes that its EBITDA growth is not being driven by cost-cutting measures but rather harvesting significant upfront investments which were made a few years ago, the analyst tells investors in a research note. The firm further notes that Phreesia is guiding for its adjusted EBITDA margin expansion much faster than it had been anticipating, Truist states.