Piper Sandler analyst Matt O’Brien downgraded Sight Sciences to Neutral from Overweight with a price target of $5.50, down from $15. The company lowered its fiscal year guidance due to account utilization slowdown, the analyst tells investors in a research note. The firm says that while the guidance is “likely the floor here” in 2023, it worries about the competitive pressures from new technologies in 2024. Piper wants to see more clarity on a “few fronts” relating to local coverage determinations headwinds and competitive dynamics before recommending the shares again.
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