Truist cuts Phreesia to Hold from Buy, target to $11 from $24 after FY27 revenue outlook cut

 

• Q4 FY2026 non-GAAP EPS $0.02, up 118% YoY, but misses EPS estimates.
• Q4 revenue grew 16% YoY to $127.1M, or 7% excluding AccessOne acquisition, beating revenue estimates.
• Company achieved first full-year positive GAAP net income in FY26 and surpassed $100M adjusted EBITDA.
• Q4 FY26 delivered strong cash flow for the company overall.
• FY27 revenue guidance reduced to $510–$520M from $545–$559M on Network Solutions headwinds.
• Baird, JPMorgan and Citi also lowered Phreesia ratings to Neutral-equivalents after the company reduced its fiscal 2027 revenue outlook.
• Guidance cut driven by weaker second-half pharma marketing commitments, especially vaccines, public health and some GLP-1s.

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