Raymond James analyst C. Gregory Peters downgraded Health Insurance Innovations to Market Perform from Outperform. In a research note to investors, Peters says that while the company reported results that were ahead of estimates, about 75% of reported net income was related to an unusual tax benefit and the company lowered 2019 revenue guidance by $50M. Peters says that while he is aware that the company's current valuation reflects investors' concern about legacy issues, he believes the company will not be free cash flow over the next few years as a result of the investments needed to build out a Medicare distribution platform.