Sonendo price target lowered to $1 from $2.50 at BofA

BofA analyst Michael Cherny lowered the firm’s price target on Sonendo to $1 from $2.50 and keeps a Buy rating on the shares after the company provided preliminary revenue for Q3 of $10.4M and said it expects cash and short-term investments of $55.9M as of the end of Q3. The firm reiterates its Buy rating given what it sees as a “sign of momentum,” but lowers its target due to lower peer group multiples.