BofA lowered the firm’s price target on Exact Sciences (EXAS) to $75 from $88 and keeps a Buy rating on the shares after the company announced Q3 results that fell short of expectations and lowered its FY24 guidance on disappointing results as well as several Q4 headwinds. The stock dropped 30% after-market on the guide cut, notes the firm, which thinks the move was “more likely reflective of positioning (crowded long) and concerns on growth algorithm” and believes Exact can recover from this setback.
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Read More on EXAS:
- Exact Sciences price target lowered to $75 from $80 at Citi
- Exact Sciences price target lowered to $75 from $95 at Canaccord
- Exact Sciences Reports Strong Q3 Performance and Pipeline Advances
- Closing Bell Movers: Exact Sciences falls 30% after results, guidance cut
- Exact Sciences reports Q3 EPS (21c), consensus (21c)