Sonendo downgraded to Hold from Buy at Stifel

Stifel analyst Jonathan Block downgraded Sonendo to Hold from Buy with a price target of 25c, down from $1. The company’s 2024 outlook fell well short of estimates, the analyst tells investors in a research note. The firm says the trajectory of Sonendo’s business was already in question going into the Q4 report. The firm is moving to the sidelines, wanting to see how the company’s capital sales progress and if a new billing code could help spur utilization longer-term.