Accolade set for record low after losing Comcast as customer

Accolade

29/04/2022 12:55

** Shares of Accolade Inc  ACCD.O  sink 39.2% to $6.73
premarket; on pace to open at a record low, at current levels 
    ** ACCD cuts its FY 2023 revenue forecast to $350 mln-$365
mln, from ~$385 mln, due to the loss of Comcast as a major
customer for its healthcare technology services at the end of
this year  urn:newsml:reuters.com:*:nL3N2WQ4ZE
    ** Credit Suisse cuts rating on stock to "neutral" from
"outperform", and slashes price target to $9 from $33
    ** Brokerage says loss of Comcast will not only be felt in
FY 2023, but also FY 2024, adding that lower-priced competition
is also hurting ACCD
    ** At least four other brokerages also cut their PTs on ACCD
to as low as $8    
    ** Up to Thursday's close, ACCD had fallen ~58% this year

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))