Axonics price target lowered to $65 from $75 at Truist

Truist analyst Richard Newitter lowered the firm’s price target on Axonics to $65 from $75 and keeps a Buy rating on the shares as part of a broader research note on MedTech. The sector continues to trade down on fear of exposure to GLP-1s, and even good Q3 earnings may not matter amid a GLP-1 sector overhang, the analyst tells investors in a research note. While Truist continues to believe that the dramatic GLP1-driven sector pullback is likely overdone and that “narrative” is driving indiscriminate selling more so than a tangible fundamental impact, it’s hard to say when/if the GLP-1 overhang will subside.