Analyst Glen Santangelo said HealthEquity is highly favored in the health savings account market.
Jefferies reiterated HealthEquity as a buy on Wednesday, noting the company's favorable position in the health savings account market. Analyst Glen Santangelo placed a price target of $84 on the stock, suggesting shares stand to gain nearly 29% from Wednesday's close. "With a couple of rate increases and positive preannouncements the past couple of months, we see near-term upside," Santangelo said in a note to clients on Wednesday.
A Jefferies survey of 35 benefits consultants found that HealthEquity is the HSA provider of choice, ranking just above competitor providers Optum and Fidelity , the strategist noted. Optum is a division of UnitedHealth Group . Santangelo added that the majority of survey responses indicate HSAs have penetrated less than 80% of the employer market, suggesting ample space for additional employers to set up an account. The health financial services company operates about 6.
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