Omnicell upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo upgraded Omnicell to Equal Weight from Underweight with a price target of $28, down from $39, post the Q3 report. The analyst still sees risks to the firm’s lowered estimates, but upgraded the shares, saying it is difficult to expect material underperformance over the near- to medium-term given Omnicell’s announced cost cuts, potential for bookings growth, and the stock’s valuation multiple contraction “mostly in the rear-view.”