BUZZ-Wells Fargo upgrades American Well Corp to 'overweight'

Reuters

01-13

** Brokerage Wells Fargo upgrades telemedicine firm American Well Corp to "overweight" from "equal weight"; maintains PT of $15

** Brokerage expects co's Converge platform to have been fully deployed with U.S. Defense Health Agency (DHA) by the end of Q4, implying it will generate revenue of a subscription model throughout 2025

** Co's Converge platform integrates in-person, virtual, and automated healthcare care into one system

** Brokerage says co's contract with DHA will generate $50 mln in revenue in 2025

** Brokerage believes AMWL's sales strategy pivot, led by incoming CFO Mark Hirschhorn, could lead to a more comprehensive "go-to-market strategy"

** Stock fell 75% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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