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Fly News Breaks for June 21, 2016
GOOGL, GOOG, WBMD
Jun 21, 2016 | 08:06 EDT
Cowen defended WebMD (WBMD) on yesterday's weakness, which it attributes to Google's (GOOG) symptom tracker release. The firm sees minimal impact on WebMD since Google offers a more targeted search but not real clinical content. Cowen also noted WebMD's core business is tied to the physician market and a significant portion of WebMD's revenues come from drug sales. The firm reiterated its Outperform rating and $70 price target on WebMD shares, which fell about 2% yesterday to close at $60.84.