Morgan Stanley lowers Procept BioRobotics price target, sees buying opportunity

Morgan Stanley analyst Patrick Wood lowered the firm’s price target on Procept BioRobotics (PRCT) to $71 from $95 and keeps an Overweight rating on the shares. Despite a “solid first quarter print” and positive intra-quarter commentary, the stock has traded down significantly, which is “probably not deserved,” the analyst tells investors. After speaking with management, the firm is “incrementally constructive” on elevated utilization trends continuing into the Q2 and thinks the pullback presents a buying opportunity, the analyst added.