Stifel downgraded ViewRay to Hold from Buy with a price target of $1.75, down from $7. The analyst cites the company’s "just-announced operational and financial challenges" for the downgrade. During yesterday’s conference call, ViewRay CEO Scott Drake highlighted that the Q1 underperformance and 2023 outlook revision both were driven by customer installation delays, inflation/supply chain challenges, and longer than anticipated payment timing, the analyst tells investors in a research note. The firm moved its 2023 projections to the low-end of the company’s updated guidance range and took its 2024 and 2025 numbers down substantially.
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