HealthEquity Catalysts Intact After Q2 Beat, RBC Says
HealthEquity (HQY) delivered better-than-expected Q2 results, keeping its margin runway and fiscal 2028 catalysts intact, RBC Capital Markets said in a Thursday note.The report pointed to a record 48% adjusted EBITDA margin, driven by continued AI-enabled service cost reductions.The note said a slower HSA cash-balance growth reflects a deliberate strategy toward higher-value investment accounts andMarketplace engagement. It said the strategy is "accretive" rather than a degradation of the model."Marketplace and Bronze plan enrollment represent emerging catalysts," the report said. The firm's primary offerings are based on the administration of health savings accounts and other consumer-directed benefits.RBC kept its outperform rating and a price target of $108.Price: $96.20, Change: $+2.81, Percent Change: +3.01%