Omnicell price target lowered to $49 from $61 at BofA

BofA lowered the firm’s price target on Omnicell to $49 from $61 and keeps a Buy rating on the shares. The trajectory of Product Revenue is “clearly worse than expected as hospitals continue to delay upgrading to new products,” says the analyst, who is lowering FY23 and FY24 estimates. However, while noting limited immediate term catalysts and saying that the challenging macro is likely to persist for at least the next few quarters, the firm views the downside risk as “more fully reflected in the current share price.”