Procept BioRobotics initiated with a Neutral at Baird

Baird last night initiated coverage of Procept BioRobotics (PRCT) with a Neutral rating and $30 price target The firm says “several recent headwinds have set the company back,” which has left investors questioning Procept’s near- and longer-term potential. Without “clearer inroads” to market expansion, Procept’s penetration trajectory in the “highly-competitive” benign prostatic hyperplasia market will slow as incremental adopters of Aquablation become harder to capture, the analyst tells investors in a research note.