Piper Sandler lowered the firm’s price target on Hinge Health (HNGE) to $60 from $71 and keeps an Overweight rating on the shares. The firm’s revised estimates suggest that Hinge will earn a 24.2% free cash flow margin in 2025 and be within 100 bps of its 25.0% long-term target. Piper believes Hinge has started to harvest some of the embedded earnings power that its Gross Profit multiple sought to reward.
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