Raymond James initiates QXO stock with Outperform rating on acquisition strategy
Investing.com - Oppenheimer upgraded Procept BioRobotics Corp (NASDAQ:PRCT) from Perform to Outperform on Tuesday, setting a price target of $60.00. The company, which maintains a strong financial position with more cash than debt and a healthy current ratio of 9.2, has seen its stock decline about 50% year-to-date.
The upgrade follows a recent meeting between Oppenheimer and the company, with the research firm stating that "the stock selloff is overdone and risk-reward is quite attractive for longer-horizon growth investors."
Oppenheimer cited several factors supporting the upgrade, including mitigated reimbursement uncertainty now that proposed CPT rates are available, and that executive leadership changes appear "more benign than originally feared."
The firm also noted that Procept’s "mild FY guide raise seems conservative" and highlighted the company’s strategic appeal in the medical technology sector.
Oppenheimer’s $60 price target assumes approximately 7.7 times their fiscal year 2026 estimated revenue, compared to the aggregate MedTech universe trading at 3.9 times revenue.
In other recent news, Procept BioRobotics reported its second-quarter 2025 earnings, surpassing expectations. The company achieved an earnings per share (EPS) of -$0.35, better than the forecasted -$0.41. Revenue also exceeded projections, coming in at $79.2 million compared to the anticipated $76.12 million. Despite these strong financial results, Wells Fargo has adjusted its price target for Procept BioRobotics, lowering it to $58.00 from $75.00. The firm maintained an Overweight rating on the stock. This adjustment follows management’s announcement that they no longer expect system replacements in the second half of 2025, revising previous expectations of approximately ten replacements this year. These developments reflect the latest updates concerning Procept BioRobotics.
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