Precipio price target lowered to $19 from $22.25 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Precipio to $19 from $22.25 and keeps a Buy rating on the shares. The firm is adjusting its model based on Q3 results, resulting in higher pathology services revenue but lower products revenue. The reduction in target stems from applying a lower multiple to its 2024 revenue estimate, but although the firm reduced its target “slightly,” the analyst says “we are quite bullish on PRPO shares as the company rapidly approaches breakeven” and “begins to unleash their R&D capabilities.”