Morgan Stanley lowered the firm’s price target on Outset Medical to $5 from $19 and keeps an Equal Weight rating on the shares. There were “few surprises” in the Q3 results and FY23 guidance, but the company has hit “the reset button” on its long-term outlook and the firm has lowered its FY23 and FY24 revenue estimates by 10% and 25%, respectively, while applying a multiple that is a “significant discount to peers” on the lower revenue outlook and slower growth.
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