Wells Fargo analyst Jamie Stockton says recent investor meetings with Benefitfocus management highlighted "strong" use of BenefitsPlace among the "relatively small" population accessing it in 2018. Lives exposure could grow a lot, even among existing clients, which combined with more product and new clients "creates a healthy runway" for this $30M-plus business in 2019 to reach $200M-plus over five years, Stockton tells investors in a research note. With a large convert, a large secondary, and Mercer headwind for growth in 2019, "these shares have had a lot of noise," says the analyst. However, he believes Benefitfocus shares "should perform very well going forward." The analyst keeps an Outperform rating on the name with a $60 price target.