Prenetics price target lowered to $9 from $10 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Prenetics to $9 from $10 and keeps an Overweight rating on the shares. Prenetics reported Q4 revenue down 90% year over year as the company discontinued its Covid-19 business during 1Q23 and its Coloclear business as of Q4, the analyst tells investors in a research note. Although near-term revenues may be materially lower than those in prior-year periods for the near future, Cantor is encouraged by Prenetics’ focus on profitability, as the company achieved EBITDA breakeven in December 2023 for ACT Genomics and CircleDNA, the firm says.