Health Catalyst downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Jessica Tassan downgraded Health Catalyst to Neutral from Overweight with a price target of $11, down from $21. The company’s enterprise data operating infrastructure infrastructure “may require an overhaul and several quarters of investment to remain competitive,” Tassan tells investors in a research note. Health Catalyst conceded to macro-related bookings delays and budget cuts in the hospital market during its Q2 earnings call, but industry checks also suggest the presence of “some idiosyncratic issues, which will not simply resolve with time,” says the analyst. She thinks the path to re-accelerating revenue growth “could be more arduous than consensus estimates currently imply.”