Canaccord lowered the firm’s price target on Tela Bio (TELA) to $7 from $12 and keeps a Buy rating on the shares. The firm said they posted a tough quarter significantly below consensus revenues as it lost a number of sales reps to competitors in the Q4 with the sales org already lean post commercial streamlining in the Q3. While the Q4 was a challenging one, the management team are experienced MedTech operators, and Canaccord believes they would need to see sustained sales org churn before becoming materially less constructive.
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