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Fly News Breaks for March 4, 2020
BNFT
Mar 4, 2020 | 05:20 EDT
Piper Sandler analyst Sean Wieland lowered the firm's price target on Benefitfocus to $35 from $53 and keeps an Overweight rating on the shares. While the company guided 2020 revenue below consensus, increased clarity on the Mercer wind-down "may allay investor fears and clear an overhang on the stock," Wieland tells investors in a research note. Further, the analyst believes incremental growth opportunities in the broker channel afforded by Benefitfocus' Connecture acquisition buoy the company's 24 month outlook.
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