Treace Medical downgraded to Neutral from Buy at BTIG

BTIG downgraded Treace Medical to Neutral from Buy without a price target. The analyst says increasing pressure from competitors offering osteotomy-specific products and “knock off” Lapiplasty products led Treace to significantly lower its fiscal 2024 guidance. Competition has always been a risk to the shares and management downplayed its impact previously “but its gotten very real, very quickly without clarity as to when it may abate,” the analyst tells investors in a research note. BTIG does not believe estimates are de-risked for fiscal 2204 and beyond nor does it feel that defending the stock here is appropriate.