Phreesia

PHR · NYSE

$12.05+$0.77 (+6.83%)TodayMarket closed · Oct 20, 7:52 PM ET

Prev close $11.28

PHR analyst rating

BuyConsensus of 17 analysts over the last 12 months. 53% rate it a buy.

Strong buy0
Buy9
Hold8
Underperform0
Sell0

12-month price target · 16 analysts

Average $14.35 (+19.1% upside)

Low: $10.10
Now: $12.05
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

PHR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 12, 2026	Maintains	Equal-Weight	$10.00 → $11.00	53%
Raymond James	Sep 8, 2026	Downgrade	Outperform → Market Perform	—	65%
DA Davidson	Sep 4, 2026	Maintains	Buy	$14.00 → $13.00	58%
Baird	Sep 4, 2026	Maintains	Neutral	$10.00 → $11.00	40%
Freedom Capital Markets	Sep 3, 2026	Maintains	Buy	$14.00	64%
RBC Capital	Sep 3, 2026	Maintains	Outperform	$19.00	67%
Wells Fargo	Sep 3, 2026	Maintains	Equal-Weight	$9.00 → $10.00	48%
Canaccord Genuity	Sep 3, 2026	Maintains	Buy	$16.00	43%
Needham	Sep 3, 2026	Maintains	Buy	$14.00	46%
Needham	Aug 31, 2026	Maintains	Buy	$14.00	46%

The case for and against

Updated Oct 21, 2026

Bull case

Phreesia is a scaled healthcare workflow platform with strong embedded demand, serving over 4,400 providers and reaching about 1 in 7 patient visits in the U.S., which supports durable client retention and cross-sell potential across intake, payments, and engagement. Its latest results reinforce that bullish view, with total revenue of $129.5M up 10% Y/Y, adjusted EBITDA of $32.9M, and a 25.4% margin driven by network strength, disciplined expense control, and restructuring benefits. The balance sheet also improved, as it generated $18.3M of OCF, reduced debt principal by $23.5M, and ended with $74.6M in cash versus $61.2M in long-term debt, while AccessOne and payment-processing growth add further upside.

Bear case

Phreesia is facing a weaker fundamental setup because management held FY27 revenue guidance at $515M for a second straight quarter, which implies only 7% Y/Y growth and less than 1% organic growth despite new product efforts. The decline in the analyst’s FY27 subscription revenue estimate from +4% to (4%) and the pushout of AccessOne’s ramp to FY28 signal that monetization is slowing while execution risk remains elevated. Although adjusted EBITDA guidance of $125M-$135M suggests margin improvement, the outlook is offset by softer spend commitments in network solutions, pilot-stage Provider Connect adoption, and competitive and regulatory risks that could pressure growth and cash generation.

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