TD Cowen lowered the firm’s price target on Biote (BTMD) to $4 from $6 and keeps a Buy rating on the shares. The firm notes Q1 2025 upside was largely on better supplements growth and higher gross margin from both verticalization and favorable mix and management reiterated full year guide. TD Cowen notes that valuation remains inexpensive, but sees some bumps in the road before starting to see sustained growth. FY25 guide likely builds in conservatism but key to beats and raises will be the progress with new clinic growth, the firm adds.
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