UFP Technologies price target lowered to $188 from $222 at Lake Street

Lake Street analyst Jaeson Schmidt lowered the firm’s price target on UFP Technologies (UFPT) to $188 from $222 and keeps a Buy rating on the shares. UFP reported “solid results,” but excess inventory is impacting Q4, said the analyst, who is lowering the firm’s price target to reflect the broader multiple compression in the space. The firm does not think the excess inventory issues will derail 2024, especially with momentum at Intuitive Surgical (ISRG) helping offset this, the analyst added.