William Blair analyst Brandon Vazquez has maintained their bullish stance on PRCT stock, giving a Buy rating on October 15.
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Brandon Vazquez has given his Buy rating due to a combination of factors that suggest potential for stock appreciation. Despite the stock’s significant decline of 55% year-to-date, Vazquez sees room for upside in the company’s third-quarter results, particularly in sequential procedure and international growth, which are currently below historical trends. He believes that system placements are achievable, supported by conservative sales representative productivity and positive industry capital expenditure commentary.
Furthermore, Vazquez emphasizes the importance of the new CEO, Larry Wood, who has been on the board for 18 months and recently assumed the CEO role. Wood’s commentary on the company’s vision and growth durability is anticipated to be a critical factor in improving investor sentiment. Additionally, updates on the ambulatory surgical center opportunity, which has not been addressed in over a year, could expand the company’s serviceable and total addressable markets, further supporting the Buy rating.
Vazquez covers the Healthcare sector, focusing on stocks such as PROCEPT BioRobotics, Neogen, and Align Tech. According to TipRanks, Vazquez has an average return of -2.9% and a 30.30% success rate on recommended stocks.
In another report released on October 15, Truist Financial also maintained a Buy rating on the stock with a $50.00 price target.