GoodRx faces downgrades, price target cuts following earnings
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Shares of GoodRx (GDRX -38.9%) have continued to fall today after reporting its Q4 2021 results after the closing bell Monday and soft guidance.
As a result, several Street firms have downgraded the stock and/or cut their price targets.
Credit Suisse downgraded GoodRx (GDRX -38.9%) to neutral from outperform and cut its price target to $27 from $41 (~1% downside from Monday's close).
Analyst Jailendra Singh wrote, "We also believe, as the pharmacy landscape continues to evolve and the competition increasing (e.g. Amazon, Walmart, Mark Cuban Cost Plus Drug Company, etc.), the visibility on how the core GoodRx (GDRX -38.9%) [prescription transaction revenue] model evolves is lower relative to two years ago."
Cowen downgraded GoodRx (GDRX -38.9%) to market perform from outperform. The firm also lowered its price target to $22 (~20% downside).
Barclays is keeping its outperform rating, but is lowering its price target to $35 from $43 (~28% upside).
Analyst Steve Valiquette said he was making the change based on the softer guidance and the cumulative impact of COVID continuing to impact slowing revenue momentum.
Read Seeking Alpha contributor Michael Wiggins de Oliveira's new argument on why GoodRx (GDRX -38.9%) is a hold.
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