PROCEPT BioRobotics (PRCT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Nathan Treybeck from Wells Fargo remains neutral on the stock and has a $47.00 price target.
Nathan Treybeck has assigned a Buy rating to PROCEPT BioRobotics due to a combination of positive performance indicators and management optimism. During a recent meeting with the company’s management, Treybeck noted that the pre-announced Q4 results were above market expectations, with revenues surpassing the consensus. The company’s system sales in the U.S. exceeded estimates, and the utilization of handpieces also outperformed the forecast, suggesting robust product demand and usage growth.
Furthermore, management’s comfort with the consensus estimates for 2024 signals a strong belief in the company’s revenue trajectory, which is supported by a consistent capital funnel growth and the addition of sales representatives. The anticipated gross margin expansion and operating leverage in 2024, driven by increased volumes and cost management, also contribute to the positive outlook. Based on these factors, including the potential for multi-system purchases and the expected commercial execution, Treybeck has raised the price target, reinforcing the Buy rating for PRCT’s stock.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $52.00 price target.
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Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRCT in relation to earlier this year.
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PROCEPT BioRobotics (PRCT) Company Description:
PROCEPT BioRobotics Corp is a commercial-stage surgical robotics company focused on advancing patient care by developing transformative solutions in urology.
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