Exscientia downgraded at BofA on limited near-term inflection opportunities

As previously reported, BofA analyst Alec Stranahan downgraded Exscientia to Neutral from Buy with a price target of $9, down from $11. The firm sees limited opportunities for value inflection over the next 12 months following the A2a program discontinuation. AI in healthcare “has still a longer way to go for it to become ‘mainstream’,” the analyst added. With Exscientia’s upcoming readouts “still on the earlier side,” the firm does not expect validation of the company’s platform or approach to come in the next year.