OrthoPediatrics price target lowered to $30 from $40 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on OrthoPediatrics (KIDS) to $30 from $40 and keeps an Overweight rating on the shares. The firm notes OrthoPediatrics reported Q1 results which beat soundly on the top-line and gross margins too. Adjusted EBITDA was a little light, but Piper just did not model this metric appropriately and the progress here is completely intact. The firm believes investors need to buy the stock at these levels as management is building a valuable pediatric technology provider that is underappreciated by the market.