Analyst Josh Jennings from TD Cowen maintained a Buy rating on PROCEPT BioRobotics and decreased the price target to $34.00 from $50.00.
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Josh Jennings has given his Buy rating due to a combination of factors, even though near‑term results and guidance were disappointing. He views the Q4 revenue shortfall and reduced 2026 outlook as largely driven by a deliberate reset of commercial practices, including tighter inventory management, removal of end‑of‑quarter incentives, and a more disciplined pricing approach that already lifted handpiece ASPs.
Jennings also highlights that the U.S. installed base continued to expand, with record quarterly capital placements, and international revenue grew solidly, supporting a longer‑term adoption thesis. Despite trimming his price target to $34 by applying a 3.5x multiple to projected 2027 sales, he believes the structural demand for PROCEPT’s technology and the improved quality of revenue positioning justify a Buy rating at current, pullback‑affected levels.