Jefferies lowered the firm’s price target on Exact Sciences to $95 from $110 and keeps a Buy rating on the shares. Revenues beat by 2% and adjusted EBITDA beat by 54% while 2023 guidance was raised “again,” the analyst tells investors. While “bears may poke at” the quarter-over-quarter step-down in adjusted EBITDA implied by the Q4 guidance, that seems mostly due to seasonality and timing of R&D investments, the analyst added.
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