Wells Fargo upgrades American Well Corp to 'overweight'

AMERICAN WELL

13/01/2025 14:15

** Brokerage Wells Fargo upgrades telemedicine firm American
Well Corp  AMWL.N  to "overweight" from "equal weight";
maintains PT of $15
    ** Brokerage expects co's Converge platform to have been
fully deployed with U.S. Defense Health Agency (DHA) by the end
of Q4, implying it will generate revenue of a subscription model
throughout 2025
    ** Co's Converge platform integrates in-person, virtual, and
automated healthcare care into one system
    ** Brokerage says co's contract with DHA will generate $50
mln in revenue in 2025
    ** Brokerage believes AMWL's sales strategy pivot, led by
incoming CFO Mark Hirschhorn, could lead to a more comprehensive
"go-to-market strategy"
    ** Stock fell 75% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))