PROCEPT BioRobotics (PRCT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Craig Bijou from Bank of America Securities reiterated a Buy rating on the stock and has a $104.00 price target.
Craig Bijou has given his Buy rating due to a combination of factors that suggest a strong potential for growth and recovery for PROCEPT BioRobotics. Despite a significant drop in share price due to a national saline shortage impacting procedure volumes, the company demonstrated robust financial performance in Q4 with a 57% year-over-year increase in overall revenue, surpassing market expectations. This indicates resilience and an ability to overcome temporary disruptions.
Furthermore, the introduction and early success of the new Hydros robotic system have been promising, contributing to a notable increase in the U.S. installed base and driving a replacement cycle among existing customers. The company’s profitability is also on an upward trajectory, with gross margins improving significantly and expected to continue rising. These factors, combined with a conservative guidance approach for the upcoming fiscal year, underpin Bijou’s confidence in the company’s ability to return to its trend of exceeding market expectations.
According to TipRanks, Bijou is a 3-star analyst with an average return of 2.2% and a 43.90% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Integra Lifesciences, Globus Medical, and Haemonetics.
In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $85.00 price target.