Craig-Hallum analyst George Sutton lowered his price target for Health Insurance Innovations (HIIQ) to $40 from $50, saying the company's initial Q4 Medicare application volume left him "modestly more comfortable" with the Medicare opportunity, but still confused by ultimate revenue impacts. He believes the pure Medicare Advantage applications were a "respectable" 47K, but below his expected 57K. Sutton, who keeps a Buy rating on the shares, says he believes that a smart/value buyer could come in, rename the company, rebuild state commissioner and carrier relationships and walk away with a great deal, but that in the absence of many of those changes to occur, "we are hard pressed to reward HIIQ with eHealth (EHTH)-like valuations."