Tag: Climbs

12
Oct
2020
Posted in technology

American Well Climbs – What Wall Street Is Saying

American Well AMWL shares jumped on Monday after coverage of the stock was initiated by a number of analysts four weeks following the Boston telehealth company’s debut on the New York Stock Exchange. 

Amwell shares were trading at $34.29, up 5%, at last check. Here’s what Wall Street is saying:

Morgan Stanley analyst Ricky Goldwasser initiated coverage of the stock with an equal weight rating and $35 price target, saying the company’s telehealth platform is poised to gain share within a “large and expanding” market.

UBS’s Kevin Caliendo initiated coverage of Amwell with a neutral rating and $29 price target. 

Caliendo says the neutral rating reflects the stock’s 81% climb since its IPO in mid-September. But the company has the potential to accelerate its growth above the estimated 27% revenue growth excluding acquisitions that Caliendo anticipates. 

Goldman Sachs initiated coverage of Amwell with a neutral rating and $31 price target. 

Analyst Robert Jones says American Well “is a leading telehealth vendor with a diversified customer base and a clear runway for recurring 20%-plus revenue growth, gross-margin expansion and representing one of the most top-of-mind themes in health care,” according to Bloomberg. 

Cowen’s Charles Rhyee initiated coverage of Amwell with an outperform rating and $41 price target, which is a 30-times multiple to his 2022 sales estimate of $333 million. 

“Telehealth is currently one of the biggest themes in health care, and … AMWL should benefit from its focus on providers, who we see being a key driver in the next leg of growth in telehealth,” Rhyee said, according to Bloomberg. 

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