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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on OM:
- Outset Medical backs FY23 revenue view roughly $130M, consensus $132M
- Outset Medical reports Q3 adjusted EPS (71c), consensus (67c)
- Netflix downgraded, Applied Materials upgraded: Wall Street’s top analyst calls
- Outset Medical downgraded to Underperform from Buy at BofA
- Outset Medical price target lowered to $17 from $29 at RBC Capital