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Shares of GoodRx (NASDAQ:GDRX) jumped 10% after Wells Fargo upgraded its rating of the stock to overweight.
Wells Fargo said it believes GoodRx’s business has “staying power” and that revenue visibility, along with downside risk, “appears to be materially improved.”
“We think this sets up GoodRx to deliver on a beat & raise narrative in 2024 with upside to consensus expectations in 2025,” the analysts wrote.
“We expect this dynamic to help GDRX close the valuation gap to its peers, in turn setting up the stock to see meaningful outperformance over the next 12 months,” they added.
Wells Fargo raised its price target to $10 from $7.50.