Cytek Biosciences price target lowered to $4 from $6 at Stephens

Stephens lowered the firm’s price target on Cytek Biosciences (CTKB) to $4 from $6 and keeps an Overweight rating on the shares. Cytek missed estimates “across the board” in Q1 and attributed the shortfall to weak market dynamics driven by a soft funding environment, while also lowering full year revenue guidance by $5M at the midpoint given the backdrop, the analyst tells investors. The firm thinks there is risk to the revised guidance and trading post-earnings seems to indicate most believe numbers will end up moving lower, but ultimately valuation keeps the firm Overweight, the analyst added.