Goldman Sachs downgraded Revance to Neutral from Buy with a price target of $8, down from $30. Revance announced “disappointing” preliminary Q4 and FY23 sales results and FY24 guidance, indicating an underwhelming start to the company’s strategic pivot announced in September which involved the removal of the pricing premium for Daxxify, the analyst tells investors in a research note. The firm expects that the delivery of convincing and consistent improvement in commercial performance will be necessary in order for sentiment to positively inflect and for shares to sustainably outperform.
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