OraSure price target lowered to $5 from $6.50 at Stephens

Stephens lowered the firm’s price target on OraSure to $5 from $6.50 and keeps an Equal Weight rating on the shares. Q2 of 2022 “proved to be peak fundamentals” for life science tools and pharma services companies, says the analyst, who notes that estimates and multiples have come in across the space over the last 12-24 months and adds that “to be candid it does not appear 2Q23 EPS will be a positive catalyst.” While stating that “investors have little conviction” heading into Q2 reports, the firm would argue this is contemplated in buyside expectations and hopes this quarter “will prove to be a clearing event,” the analyst tells investors in an earnings preview note.