Profound Medical downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst Michael Freeman downgraded Profound Medical (PROF) to Outperform from Strong Buy with a price target of $11, down from $17, after a top-line miss in Q1. With increasing evidence of TULSA’s safety, efficacy, and breadth of application across prostate disease, the firm remains confident in TULSA’s “candidacy as a standard-of-care procedure” should the Level 1 safety and efficacy data from the CAPTAIN trial continue to read out positively during the next few years, but the firm reset its price target and rating on peer multiple compression and on economic uncertainty potentially impacting TULSA’s rate of adoption by private practices and institutions.