Alphatec price target lowered to $17 from $23 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Alphatec to $17 from $23 and keeps an Overweight rating on the shares. The firm is applying a lower multiple to a higher 2024 revenue estimate and reflecting dilution from the recent raise, but notes it is still using a premium multiple to peers given Alphatec’s “well above peer growth,” balanced by multiple compression in the space.