biote (BTMD – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jonna Kim from TD Cowen maintained a Buy rating on the stock and has a $7.00 price target.
Jonna Kim has given his Buy rating due to a combination of factors which demonstrate Biote’s potential for growth despite current challenges. The company is experiencing a transitional period in FY24, with expected growth to slow down slightly due to disruptions from a distributor loss. However, Kim remains optimistic as he anticipates improvements in the second half of the year, which could serve as a significant catalyst for the company’s performance. He notes the company’s confidence in overcoming these operational headwinds and foresees an acceleration in sales growth towards the latter part of the year.
Biote’s total addressable market (TAM) is substantial, with a large percentage of the American population affected by hormone deficiencies and untreated. The company’s strategic focus on men’s health and therapeutic wellness could yield considerable opportunities if executed correctly. Moreover, Kim highlights the expected second-half revenue growth, driven by the onboarding of new practitioners, the ramp-up of new clinics, and the diminishing impact of the distributor loss. The launch of Biote’s new product, BioteRX, and the transition of nutraceutical products to their own online storefront, are anticipated to positively influence sales from the second half of FY24 onwards, with a more significant impact projected for FY25. Additionally, corporate actions such as a share repurchase program and a settlement agreement for share repurchase with Biote’s founder underscore management’s commitment to shareholder value.
Kim covers the Consumer Cyclical sector, focusing on stocks such as American Eagle, Victoria’s Secret, and Olaplex Holdings. According to TipRanks, Kim has an average return of 17.3% and a 58.33% success rate on recommended stocks.
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biote (BTMD) Company Description:
Haymaker Acquisition Corp III is a blank check company.
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