Wells Fargo downgraded Pulmonx to Equal Weight from Overweight with a price target of $14, down from $16. The firm says its thesis has played out while the recent management changes create some uncertainty. Japan represents a significant opportunity but Pulmonx does not expect material revenue until 2026, the analyst tells investors in a research note. Given the management transition, Wells prefers to move to the sidelines to see how the new CEO and CFO, when appointed, plan to adjust the strategy, possibly resetting expectations for 2024.
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