Fly News Breaks for March 5, 2019
BNFT
Mar 5, 2019 | 08:16 EDT
Guggenheim analyst Nandan Amladi kept his Buy rating and $60 price target on Benefitfocus, saying the pullback in its stock price is "overdone" and that its "intact" fundamentals support an "incremental buying opportunity". The analyst states that the company's secondary offering and the liquidation of its stock by Mercer have pressured the stock price, but also contends that the sale frees Benefitfocus "to build out its broker network, where Mercer will remain a partner, but with fewer mutual constraints." While running counter to the original Mercer alignment, the company's new broker-friendly model and efforts to expand its broker network are beneficial to the long-term success of Benefitfocus, Amladi says in his research note.
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