Harrow price target lowered to $54 from $58 at Craig-Hallum

Craig-Hallum analyst Chase Knickerbocker lowered the firm’s price target on Harrow (HROW) to $54 from $58 and keeps a Buy rating on the shares following the Q1 earnings miss. Revenue was $47.8M vs Street estimates of $57.0M, and adjusted EBITDA was ($1.9M) vs $11.9M. The quarter reflected complex destocking headwinds, and GTN headwinds, the firm notes. Iheezo underperformed, as distributor inventory unwinding was much greater than expected. Anterior segment products were also affected by some prior under accruals. The compounding business came in slightly below expectations as well. However, Vevye was a standout, exceeding internal expectations and expected to contribute about $100M for the year, Craig-Hallum points out.