Procept BioRobotics price target lowered to $50 from $55 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on Procept BioRobotics (PRCT) to $50 from $55 and keeps an Overweight rating on the shares. The firm notes the company reported Q3 results that beat on sales and adjusted EBITDA. Management reiterated FY25 guidance and introduced FY26 sales guidance that brackets the Street’s estimate. Piper suspects bears will focus on the soft utilization performance in the quarter and inventory destocking. That said, the firm believes these items reflect some of the organizational changes in the business, which could create transient issues but ultimately set up the business for positive momentum looking forward.