Procept BioRobotics downgraded to Neutral at BofA on slowing utilization

As previously reported, BofA downgraded Procept BioRobotics (PRCT) to Neutral from Buy with a price target of $38, down from $55. Procept still has a large potential market opportunity with its aquablation technology to treat benign prostatic hyperplasia, but utilization growth has slowed and changes in the works aimed at improving utilization could cause some near-term disruption, the analyst tells investors. Utilization growth and systems both slowing “doesn’t instill confidence in upside,” the analyst tells investors.