Why Phreesia Stock Got Clocked Today
Healthcare tech stock Phreesia (NYSE: PHR) could have used a pick-me-up on Wednesday. In a trading session that ended in positive territory, with the bellwether S&P 500 index gaining more than 1%, Phreesia's equity lost 3.5% of its value. Much of this was directly due to an analyst's recommendation downgrade.
The responsible party was Stan Berenshteyn of "Big Four" U.S. bank Wells Fargo. Early that morning, he changed his rating on Phreesia to equal weight (hold, in other words) from his preceding overweight (buy). Accompanying that was a significant price target modification, with Berenshteyn lowering his to $9 per share from $15.
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Source Fool.com
