Citi downgraded QuidelOrtho to Neutral from Buy with a price target of $72, down from $95. Heading into 2024, the analyst sees downside risk to numbers for QuidelOrtho with the view that current valuation, particularly on a relative basis, is fair given numbers risk. Citi sees downside to the company’s mid-term financial profile and 2024 underlying growth outlook. It has become clear that the financial profile of the company today could be slipping below that mid-term topline algorithm, says Citi.
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