As previously reported, Morgan Stanley downgraded Alphatec to Equal Weight from Overweight with a price target of $8, down from $16. While the company “deserves credit for proving out the viability of its product portfolio and driving clear spine market share gains,” the Q2 report, along with forward commentary on free cash flow, did little to ease investor concerns regarding the company’s pathway to cash self-sufficiency, the analyst tells investors. The firm believes investors will “need to see crisper execution on this profitability transition before wading in,” the analyst added.
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