Lake Street analyst Brooks O’Neil lowered the firm’s price target on Avita Medical (RCEL) to $14 from $20 and keeps a Buy rating on the shares after the company announced preliminary Q4 commercial revenue that was below the firm’s estimate and consensus and management lowered the expected FY24 revenue outlook. The company also provided initial FY25 revenue guidance that was below the firm’s previous revenue estimate, which Lake Street calls “disappointing.” However, with shares off nearly 22% in the after hours, the firm is maintaining a Buy rating as it continues to think this is a significant year for Avita, the analyst added.
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Read More on RCEL:
- Closing Bell Movers: Cal-Maine Foods up 5% on Q2 results
- Avita Medical lowers Q4 revenue view to ~$18.4M from $22.3M-$24.3M
- Avita Medical sees FY25 commercial revenue $100M-$106M, consensus $162.24M
- ServiceNow initiated, Brinker upgraded: Wall Street’s top analyst calls
- Cantor Fitzgerald bullish on Avita Medical after FDA approval for RECELL GO Mini
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
