Healthequity

HQY · NASDAQ

$96.60+$3.53 (+3.79%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $93.07

HQY analyst rating

BuyConsensus of 12 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy11
Hold0
Underperform0
Sell1

12-month price target · 17 analysts

Average $121.22 (+25.5% upside)

Low: $106.05
Now: $96.60
High: $149.10

Upgrades and downgrades

The latest rating actions, newest first

HQY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Sep 18, 2026	Maintains	Overweight	$110.00 → $115.00	60%
Deutsche Bank	Aug 31, 2026	Maintains	Buy	$135.00 → $142.00	56%
BTIG	Aug 28, 2026	Maintains	Buy	$115.00	46%
BTIG	Jul 24, 2026	Maintains	Buy	$110.00 → $115.00	46%
RBC Capital	Jun 3, 2026	Maintains	Outperform	$108.00	67%
Citizens	Jun 1, 2026	Maintains	Market Outperform	$110.00 → $111.00	38%
RBC Capital	May 29, 2026	Maintains	Outperform	$100.00 → $108.00	67%
Barrington Research	May 22, 2026	Maintains	Outperform	$110.00	63%
BMO Capital	Apr 9, 2026	Upgrade	Market Perform → Outperform	$85.00 → $105.00	41%
Deutsche Bank	Mar 19, 2026	Maintains	Buy	$120.00 → $128.00	56%

The case for and against

Updated Oct 14, 2026

Bull case

HealthEquity is viewed favorably because its F2Q:27 results showed durable growth and operating leverage, with revenue of $350.7M (+7.6% y/y), adjusted EBITDA of $167M (+11% y/y), and a company-high ~48% EBITDA margin, alongside higher guidance for F2027E. The analyst sees a strong competitive position as HSA members rose 8% y/y, new HSA sales climbed 24% y/y, custodial assets increased 14% y/y, and renewals remained above 90%, indicating continued share gains and sticky relationships. The outlook is further supported by secular tailwinds from expanding high-deductible health plan adoption, a larger HSA addressable market, and technology-led margin expansion through AI, automation, and a growing digital marketplace.

Bear case

HealthEquity is facing a fundamentally weaker setup because its growth is highly sensitive to labor-market conditions, HSA contribution behavior, and account-balance expansion, all of which can slow when unemployment rises and high-earning roles soften. Its valuation support is also less compelling in a negative view: the stock trades around 13.3x F2027E EBITDA and 12.9x 2026 EBITDA, leaving limited margin of safety if slower growth, lower interest income, or margin compression materialize. On top of that, the company remains exposed to regulatory change, competition, cyber risk, and the potential for declining healthcare payment card utilization, which can pressure both revenue quality and operating leverage.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.