Procept BioRobotics upgraded to Outperform from Perform at Oppenheimer

Oppenheimer analyst Suraj Kalia upgraded Procept BioRobotics (PRCT) to Outperform from Perform with a $60 price target after meeting with management. The firm believes the share selloff is overdone and Procept’s risk/reward is attractive for longer-horizon growth investors. The company’s reimbursement uncertainty has been mitigated now that the proposed current procedural terminology rates are out and the management changes seem “more benign than originally feared,” the analyst tells investors in a research note. Opco believes Procept’s guidance raise seems conservative.