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Fly News Breaks for March 15, 2018
BNFT
Mar 15, 2018 | 07:47 EDT
Canaccord analyst David Hynes lowered his price target on Benefitfocus to $29 from $32, calling its Q4 results solid against reset expectations, with bookings that came in ahead of plan. He noted improvement in customer metrics, revenue was at the high end of guidance, and the firm turned a free cash flow profit for the first time. He said the guidance will be adjusted by an accounting change, which will likely affect how the stock trades and he recommends letting the stock settle. Hynes maintained his Buy rating on Benefitfocus shares.
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