Procept BioRobotics price target lowered to $84 from $104 at BofA

BofA analyst Craig Bijou lowered the firm’s price target on Procept BioRobotics (PRCT) to $84 from $104 and keeps a Buy rating on the shares. Despite a “solid beat and raise,” shares were down 6% as the company’s inline system sales seem to have raised questions on future momentum, the analyst tells investors. However, the firm thinks the handpiece rebound and the improving utilization are better indicators, adds the analyst, who lowered the firm’s target as peer multiples have fallen and also for an updated model following the Q1 results.