NeoGenomics upgraded to Overweight at Stephens following pullback

As previously reported, Stephens analyst Mason Carrico upgraded NeoGenomics to Overweight from Equal Weight with an unchanged price target of $18. The firm had become “increasingly positive” on NeoGenomics after new management joined and operational improvements played out the last few quarters, but had been “slow to pull the trigger on an upgrade” as the company would beat/raise each quarter and shares would run another 10%-20% and valuation kept it on the sidelines. However, despite continued outperformance in Q2, shares are down 14% since earnings and 32% from the FY23 high and the firm recommends taking advantage of the pullback in the stock price.