BofA Securities lowered its price target on GoodRx Holdings (NASDAQ: GDRX) to $2.60 from $3.00 while maintaining an Underperform rating, citing continued uncertainty around the company’s near-term growth outlook.
The firm said it remained cautious as changes across the pharmacy ecosystem were expected to create additional headwinds into 2026. Retail pharmacy chains such as CVS, Rite Aid, and Walgreens had closed locations, while reimbursement changes in the pharmacy market created a near-term drag on GoodRx’s core prescription transaction business during 2025. In addition, recent shifts in pharmacy benefit manager contracts with plan sponsors, which could accelerate net pricing at the pharmacy counter, added further uncertainty to GoodRx’s primary revenue stream.
BofA acknowledged that GoodRx had made progress diversifying its revenue base over the past year, including the launch of new subscription offerings targeting erectile dysfunction, hair loss, and weight loss, as well as expanded partnerships with pharmaceutical manufacturers. However, the firm noted that the majority of the company’s business remained tied to PBMs, and said GoodRx would need to strengthen its industry positioning in 2026 and beyond to stabilize growth.
Based on these factors, BofA reiterated its Underperform rating and reduced its price objective to $2.60, reflecting a valuation of 4.0x calendar-year 2026 EBITDA, down from 4.5x previously, in line with lower peer multiples.
