BofA downgraded Procept BioRobotics (PRCT) to Underperform from Neutral with a price target of $20, down from $38. The company’s Q4 earnings call raised additional questions about its ability to meet consensus estimates, the analyst tells investors in a research note. The firm says Procept’s Q4 missed Street estimates by 18.5% as the company is changing its historical practice of customer discounts for bulk purchases along with reorganizing the sales force. Procept is not generating profits and its operating loss is moving more negative after the update, which limits the stock’s valuation support, contends BofA.
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