www.jpmorganmarkets.comNorthAmericaEquityResearch21February2020EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateEvolentHealthEVHUS793.3211.64Nn/c12.00Dec-209.00n/cHealthCatalystHCATUS1,148.1331.46OWn/c50.00Dec-20n/cn/cLivongoLVGOUS2,678.5728.35OWn/c43.00Dec-20n/cn/cAllscriptsMDRXUS1,604.578.73Nn/c10.00Dec-2012.00n/cProgynyPGNYUS2,935.1733.67OWn/c35.00Dec-2030.00n/cPhreesiaPHRUS144.0233.61OWn/c33.00Dec-20n/cn/cHealthEquityHQYUS5,366.1486.88OWn/c90.00Dec-2075.00n/cSource:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof20Feb20.HealthcareIT4Q19Preview:FocusPointsforthePrints&ModelPositioningHealthCareServices–Distribution,Technology&PBMsAnneE.SamuelAC(1-212)622-4163anne.e.samuel@jpmorgan.comBloombergJPMASAMUELLisaC.Gill(1-212)622-6466lisa.c.gill@jpmorgan.comMichaelMinchak,CFA(1-212)622-6506michael.minchak@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage22foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.AheadoftheremainingHealthcareITearningsprints,wewantedtolayoutourthoughtsonthemodelsandupcoming2020guides.IncomingcallvolumethroughoutthequarterhasbeenhighestonLVGOgiventhevolatilityinthestock,notingthatwehadupdatesfromHQY,MDRX,andEVHattheJ.P.MorganHealthcareConferenceinJanuarythatprovidedsomevisibilityintotheprints.Sentimentonthegrouphasbeenlargelyfavorablewiththegroupup~12%since3QearningsinNovembervstheremainingHealthcareTechnology&Distributiongroupup14%andtheSPX+8%.Herein,weprovideabriefoverviewofourexpectationsandprintfocuspointsforeachcompany.Whatdoweknowgoingintothequarterlyreports?We’vegottenthefollowingdatapointsinto4Qprintsand2020guidance:(1)PGNYannounced57newclientsfromtherecentsellingseason,whichwasinlinewithourmodel;(...
