Evercore downgrades Health Catalyst as IT demand from hospitals slows

Health Catalyst

03/01/2023 11:47

** Brokerage Evercore ISI downgrades healthcare tech firm
Health Catalyst Inc  HCAT.O  to "in-line" from "outperform"  
    ** Evercore cites continued hospital capex weakening, lower
profitability vs consensus estimates as fundamental challenges
to HCAT
    ** Adds that 2023 is likely to pile on additional pressure
to health system IT due to cost inflation and labor constraints 
    ** Any substantial outflows of cash in the near-term will
continue to be difficult for hospitals across the U.S. with many
operating at negative margins - brokerage 
    ** However, Evercore raises PT on HCAT by $1 to $11, based
on current macro environment and FY23 profit expectations
    ** HCAT shares lost ~73% in 2022
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))