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Fly News Breaks for August 7, 2019
BNFT
Aug 7, 2019 | 07:00 EDT
Cantor Fitzgerald analyst Steven Halper lowered his price target for Benefitfocus to $47 from $60 after the company reduced its 2019 full year revenue and adjusted EBITDA guidance. The primary reason for the reduction is related to product mix shift on Benefit Place and larger contracts, both of which delay revenue recognition, says the analyst. Halper, however, remains optimistic about the company's evolution to a platform model and its long-term growth outlook. He keeps an Overweight rating on Benefitfocus.
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