TD Cowen lowered the firm’s price target on Biote (BTMD) to $6 from $8 and keeps a Buy rating on the shares. The firm said with the new CEO at the helm, they believe the company will focus on refining execution around creating higher efficiency with existing clinics and acquiring/onboarding new clinics. The market opportunity remains attractive and the end consumer remains loyal to Biote’s products even in a choppy macro backdrop; however, the business volatility needs to be reduced through better execution.
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