Quantum-Si price target lowered to $2.50 from $3 at Alliance Global Partners

Alliance Global Partners analyst Scott Henry lowered the firm’s price target on Quantum-Si (QSI) to $2.50 from $3 and keeps a Buy rating on the shares. The firm notes Quantum-Si reported Q3 earnings that were within expectations. Alliance Global highlights that quarterly revenue was within expectations, although unimpressive due to the overhang from lower NIH funding, and it appears that the government shutdown is making this environment even worse, which reduces the potential for a near-term rebound. The firm lowered its forecasts meaningfully to reflect a focus shift towards the Proteus launch given this backdrop, but notes the pipeline remains on track and supports its long-term positive investment thesis.