Augmedix price target lowered to $3.50 from $8 at Lake Street

Lake Street analyst Brooks O’Neil lowered the firm’s price target on Augmedix to $3.50 from $8 and keeps a Buy rating on the shares. Augmedix reported Q1 results that were better than the firm’s forecast, but the company lowered guidance for the year because it is seeing a slowdown in purchasing commitments, the analyst noted. For now, heightened competitive activity is “at least a major distraction to customers who are clearly evaluating alternative AI offerings,” says the firm, which is reducing its forecasts.