TD Cowen analyst Jonna Kim maintained a Buy rating on biote today and set a price target of $3.50.
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Jonna Kim’s rating is based on a combination of factors that highlight both the potential and challenges facing BTMD. The company has shown positive signs with its recent EBITDA performance surpassing expectations by 12%, driven by strong gross margins. Despite these encouraging results, BTMD is still in a transitional phase as it works on rebuilding its sales force and addressing high attrition rates, which are currently above the industry average.
Moreover, Jonna Kim acknowledges the significant market opportunity in hormone therapy, given that a large portion of the population remains untreated. While the company faces increased competition in the short term, this could ultimately lead to greater awareness and adoption of hormone therapy. The strategic initiatives to expand the sales team and enhance clinic relationships are expected to drive future growth, making the stock an attractive buy at its current valuation.