Cardio Diagnostics price target lowered to $1.35 from $4 at Benchmark

Benchmark lowered the firm’s price target on Cardio Diagnostics to $1.35 from $4 and keeps a Speculative Buy rating on the shares, noting that the company ended Q4 with $1.3M in cash and added about $1.9M in new capital during Q1. The firm’s new price target is based on a 2028 revenue estimate of $27M, discounted to the end of 2024 at 20%, though it says there could be upside if the revenue ramps more quickly than the firm anticipates.