Needham analyst Serge Belanger lowered the firm’s price target on Pacira to $63 from $66 but keeps a Buy rating on the shares. The analyst views 2022 performance as "disappointing" following the company’s Q4 results, stating that Exparel’s average daily sales were up 7% in December, which is an improvement over November’s 1% decline but below double- digit growth trends seen in prior months. Belanger adds however that while Exparel and surgery trends have disappointed, he believes that Pacira valuation has reached a level that overlooks the company’s stable growing sales base.
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