NeoGenomics price target lowered to $16 from $18 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on NeoGenomics (NEO) to $16 from $18 and keeps an Equal Weight rating on the shares. Sentiment into Q3 earnings is “broadly cautious” on the Life Science Tools & Diagnostics group given tight customer budgets, destocking and China issues, the analyst tells investors in a group preview note. Stocks where 2024 estimates have “corrected sufficiently” and “bake in a metered recovery” could catch a bid into year-end, the analyst added, pointing to Thermo Fisher (TMO) and Natera (NTRA) as top picks among the group.