Analyst Craig Bijou from Bank of America Securities reiterated a Buy rating on PROCEPT BioRobotics (PRCT – Research Report) and decreased the price target to $84.00 from $104.00.
Craig Bijou has given his Buy rating due to a combination of factors including a strong revenue performance and positive growth indicators. PROCEPT BioRobotics reported a significant revenue increase of 55% year-over-year, surpassing market expectations by 6%, with notable growth in both the US and international markets. Despite a temporary decline in share price, Bijou views the rebound in handpiece sales and improved utilization rates as promising signs of future momentum.
Additionally, while the impact of tariffs on gross margins was unexpected, the company has plans to mitigate these effects through operational efficiencies. Bijou also notes that the stable capital equipment environment and positive feedback on the Hydros system support the company’s future sales expectations. These factors, combined with the company’s ability to maintain its revenue guidance despite challenges, underpin Bijou’s confidence in the stock’s potential, leading to the Buy rating.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $71.00 price target.