Piper downgrades AirSculpt to Neutral, slashes target to $4 on weak visibility

Piper Sandler analyst Korinne Wolfmeyer downgraded AirSculpt Technologies to Neutral from Overweight with a price target of $4, down from $15, after the company reported Q3 results that "came in below expectations across pretty much all metrics" and lowered guidance. While stating that she continues to "really like the unique business model" and views AirSculpt as "one of the more resilient players in the Beauty & Wellness space" in terms of demand, Wolfmeyer has concerns about weaker visibility given the delayed opening of the Boston and Philly facilities, higher nursing costs, and ongoing marketing spend in times of weaker volumes.