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Fly News Breaks for May 1, 2019
BNFT
May 1, 2019 | 09:19 EDT
RBC Capital analyst Ross MacMillan lowered his price target on Benefitfocus to $49 ahead of its Q1 results, saying he has reduced his "assumptions on net new lives added" to 15% growth from 17% in 2019. The analyst also keeps his Sector Perform rating and notes that his new price target implies 6.0-times enterprise value to forward recurring revenue estimate, which is above the company's historical average and reflects its "higher growth and improving margin" trends.
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