Vericel price target lowered to $55 from $72 at TD Cowen

TD Cowen lowered the firm’s price target on Vericel (VCEL) to $55 from $72 and keeps a Buy rating on the shares. The firm delivered Q1 revenue in line with its guidance for the quarter, despite facing some Epicel headwinds. While investors were likely looking for a Q1 beat, Vericel’s ability to meet reiterated 2025 guidance should be the primary focus going forward. TD Cowen sees guidance of 20%-23% growth as achievable and expect stronger second half of 2025 contributions from Arthro and an expanding MACI sales force to be key drivers.