BofA lowered the firm’s price target on Procept BioRobotics to $44 from $52 and keeps a Buy rating on the shares. Shares were under significant pressure as investors reacted to inline Q1 revenue and system installs that missed the Street forecasts, notes the firm, which views the debate from here being around whether Procept can deliver as its Q2 guidance implies 38 systems, up from 25 in Q1. While BofA admits that the system ramp "looks steep," it thinks this is likely a function of variable deal close timing and believes management has good visibility into its sales funnel conversion.
Published first on TheFly
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