Revance downgraded to Neutral from Buy at Mizuho

Mizuho downgraded Revance to Neutral from Buy with a price target of $9, down from $16. The analyst sees limited downside in the shares, but also see limited upside in the near term. The firm has difficulty reaching the company’s 2024 product sales guidance based on the historical seasonality patterns for analogue aesthetics products. It believes the 2024 consensus estimate of $300M for total revenue may need downward revision and that the Daxxify launch may need “more time to iron out the wrinkles.”