Truist analyst Richard Newitter lowered the firm’s price target on Procept BioRobotics to $49 from $54 but keeps a Buy rating on the shares. The company’s Q1 system miss overshadowed a handpiece revenue beat, and a steeper ramp is now required to achieve the reiterated FY23 placement outlook, the analyst tells investors in a research note. Truist adds however that with the stock trading at 5.4-times expected FY24 revenue after a 25% sell-off, Procept’s risk-reward looks "upside skewed".
Published first on TheFly
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