InMode downgraded to Hold from Buy at Canaccord

Canaccord downgraded InMode to Hold from Buy with a price target of $22, down from $55, following the preannounced Q3 miss. The analyst lowered growth expectations in the face of economic headwinds. The firm does not see these economic headwinds as near term but rather as the beginning of a more subdued appetite for new capital, which affects potential consumable sales as fewer systems are placed and therefore utilize. Additionally, InMode, with over 80% of its revenues derived from system sales, is particularly exposed to this weaning capital, the analyst tells investors in a research note.