Health Catalyst

HCAT · NASDAQ

$1.75+$0.04 (+2.34%)TodayMarket closed · Oct 20, 4:15 PM ET

Prev close $1.71

HCAT analyst rating

HoldConsensus of 6 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold6
Underperform0
Sell0

12-month price target · 5 analysts

Average $1.80 (+3.0% upside)

Low: $1.51
Now: $1.75
High: $2.10

Upgrades and downgrades

The latest rating actions, newest first

HCAT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Canaccord Genuity	Aug 21, 2026	Downgrade	Buy → Hold	$3.00 → $1.80	43%
Wells Fargo	Aug 13, 2026	Maintains	Equal-Weight	$1.75 → $1.50	48%
Citigroup	Aug 11, 2026	Maintains	Neutral	$2.50 → $2.00	44%
Canaccord Genuity	Jul 21, 2026	Maintains	Buy	$2.00 → $3.00	43%
Wells Fargo	Jun 26, 2026	Maintains	Equal-Weight	$1.00 → $1.75	48%
Stephens & Co.	May 12, 2026	Maintains	Equal-Weight	$2.00 → $1.75	34%
Wells Fargo	Mar 18, 2026	Downgrade	Overweight → Equal-Weight	$5.00 → $1.00	48%
Citigroup	Mar 13, 2026	Maintains	Neutral	$2.75 → $1.75	44%
Canaccord Genuity	Mar 13, 2026	Maintains	Buy	$5.00 → $2.00	43%
Stephens & Co.	Mar 13, 2026	Maintains	Equal-Weight	$3.50 → $2.00	34%

The case for and against

Updated Oct 14, 2026

Bull case

Health Catalyst is attractive because management is showing improving demand momentum, with Q1 bookings described as strong and FY26 gross bookings guided to $22M–$26M, which suggests a healthy level of activity despite a difficult end market. The company’s core Technology segment remains compelling because it is the main revenue driver and benefits from sticky cloud subscription, license, and support contracts, while cross-selling into existing accounts is over 2x more effective and should support efficient growth. Even with pricing and margin pressure from newer TEMS contracts and a competitive healthcare IT landscape, Project Nexus targeting about $30M of annualized run-rate savings and the possibility of a strategic premium support a constructive fundamental view.

Bear case

Health Catalyst is facing a difficult reset as Vitalware’s divestiture removed about $37 million of 2025 revenue and $11.4 million of 1H'26 adj.-EBITDA, while FY'26 guidance still fell 5.7% at the revenue midpoint and 42.1% at the adj.-EBITDA midpoint. Management also flagged substantial churn and down-sell risk, with roughly $52 million of ARR at risk and only about $22 million expected to be retained in 2027, making the path to stable growth uncertain. Even with a debt-free balance sheet and $82 million of pro forma cash, the business must prove its core offerings can grow profitably in a pressured healthcare spending environment.

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