Omnicell price target raised to $41 from $30 at Wells Fargo

Wells Fargo raised the firm’s price target on Omnicell to $41 from $30 and keeps an Equal Weight rating on the shares. The firm says that although 2024 bookings guide doesn’t appear derisked, its price target moves up on higher valuation multiple to reflect likely product bookings acceleration in 2025, and raised expectations for Product revenue and adjusted EBITDA in 2025.