Piper Jaffray analyst Sean Wieland raised his price target for Inovalon to $10 from $8 following the company’s Q1 beat but reiterates an Overweight rating on the shares. Greater add-backs and unbilled receivables drove the beat while the company’s Q2 guidance was below expectations, Wieland tells investors in a post-earnings research note titled “Big Revenue Ramp Makes Us Wary.” He remains remains cautious on Inovalon’s “very steep ramp” in subscription revenue growth.
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