RBC Capital Markets lowered its price target on WELL Health Technologies Corp. (WELL.TO) to $7.50 from $8.50 on Monday.
Analyst Douglas Miehm maintained an Outperform rating on shares of the Vancouver-based digital health technology company.
"WELL announced a delay in its annual filings due to an ongoing investigation at Circle Medical," Miehm said in a note to clients. "We have long believed that the company should streamline its operations to manage the complexity of its business model and its numerous businesses, which it is attempting to do."
"The current situation suggests management may have overlooked certain aspects of the complexity," the analyst said. "Until we receive further clarity, we include a 50% contribution of Circle Medical in our valuation... and have also adjusted our valuation to reflect the current market conditions."
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