Nano-X Imaging price target lowered to $11 from $14 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Nano-X Imaging (NNOX) to $11 from $14 and keeps an Overweight rating on the shares following the Q3 results. Nano-X reported revenue of $3M, below consensus estimates, driven by the company’s teleradiology services, which increased 18% year over year to $2.6M, while AI solutions increased 184% y/y to $0.4M, the analyst tells investors in a research note. U.S. deployments are ramping, and Cantor sees the potential for an expanded indication for general scans that would materially increase the company’s market opportunity and a next-gen device in development.