Axonics price target lowered to $63 from $76 at Needham

Needham analyst Mike Matson lowered the firm’s price target on Axonics to $63 from $76 but keeps a Buy rating on the shares after its Q3 earnings beat and guidance raise. The company’s revenue growth slowed slightly to 32% in Q3 from 35% in Q2 despite a similar comp, though the management’s revenue growth guidance remains conservative and investors should reward the earnings upside as Axonics becomes sustainably profitable, the analyst tells investors in a research note.