Stifel analyst Mathew Blackman lowered the firm’s price target on Alphatec to $19 from $24 and keeps a Buy rating on the shares. The firm, which thinks “the market is being overly skeptical and valuation is overly punitive,” believes profitability and liquidity concerns will dissipate as 2024 unfolds, while revenue growth will “continue to surprise to the upside,” but lowered its price target to reflect broad MedTech multiple compression.
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