UBS analyst Danielle Antalffy downgraded InMode to Neutral from Buy with a price target of $24, down from $52. Given macroeconomic pressures and record-high interest rates to finance the company’s systems, the firm has decreased conviction in InMode’s ability to achieve double-digit revenue growth in 2024, noting capital equipment comprises 85% of the business and it does not operate as a razor/razor blade model. The analyst has limited visibility into what level of the deceleration is attributable to a lapse in pent-up demand, higher financing costs, or a softening end-market, which gives UBS caution on a near-term revenue growth reacceleration over the next 4-6 quarters.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on INMD:
- InMode sees FY23 adjusted EPS $2.53-$2.57, consensus $2.62
- InMode reports Q3 adjusted EPS 61c, consensus 64c
- InMode Reports Third Quarter 2023 Financial Results; Quarterly Revenue of $123.1M Represents 2% Year-Over-Year Growth
- 5 Top Small-Cap Stocks to Buy Now, According to Analysts – October 2023
- InMode files patent infringement suit against BTL Industries
