American Well AMWL shares jumped on Monday after coverage of the stock was initiated by a number of analysts four weeks following the Boston telehealth company’s debut on the New York Stock Exchange.
Amwell shares were trading at $34.29, up 5%, at last check. Here’s what Wall Street is saying:
Morgan Stanley analyst Ricky Goldwasser initiated coverage of the stock with an equal weight rating and $35 price target, saying the company’s telehealth platform is poised to gain share within a “large and expanding” market.
UBS’s Kevin Caliendo initiated coverage of Amwell with a neutral rating and $29 price target.
Caliendo says the neutral rating reflects the stock’s 81% climb since its IPO in mid-September. But the company has the potential to accelerate its growth above the estimated 27% revenue growth excluding acquisitions that Caliendo anticipates.
Goldman Sachs initiated coverage of Amwell with a neutral rating and $31 price target.