Cutera price target lowered to $10 from $20 at Stifel

Stifel lowered the firm’s price target on Cutera to $10 from $20 and keeps a Buy rating on the shares. The company’s Q3 results were “disappointing,” with a revenue miss, cut in FY23 guidance, and YE23 cash projections down, the analyst tells investors. Challenges clearly exist for the company, but Cutera is confident its reduction of its workforce and global restructuring program can help the company to cash flow, which may represent a long-term opportunity, the firm says.