Omnicell price target lowered to $38 from $42 at Benchmark

Benchmark analyst Bill Sutherland lowered the firm’s price target on Omnicell to $38 from $42 and keeps a Buy rating on the shares after FY23 bookings were down 19% year-over-year and the guidance midpoint for FY24 bookings calls for another 5% downtick. However, the bookings guidance for 2024 appears “conservatively set,” says the analyst, who points toward “the back-half aspect of the year” for the firm’s reduced price target.