IART +1.66 to 24.80 .... here are the analyst comments, fwiw - the price target cuts are rather severe.
fly -
Integra LifeSciences price target lowered to $25 from $37 at Truist
Truist analyst Richard Newitter lowered the firm's price target on Integra LifeSciences to $25 from $37 and keeps a Hold rating on the shares. The firm is adjusting its model to reflect the company's further Boston facility restart delay, also removing its previously modeled contributions, the analyst tells investors in a research note. Integra's Acclarent revenue offset the impact on the top line but not on margins, the firm states, adding that the stock's valuation discount is justified given the accumulating execution errors on the part of the company as well as its peers' faster revenue and growth prospects.
08:25 EDT IART
Integra LifeSciences price target lowered to $24 from $37 at Morgan Stanley
Morgan Stanley lowered the firm's price target on Integra LifeSciences to $24 from $37 and keeps an Underweight rating on the shares. An overall in line Q1 was "overshadowed" by another negative update on Boston facility commercialization, says the analyst, who continues to see Integra shares underperforming relative to peers over the next 12 months.
06:56 EDT IART
Integra LifeSciences price target lowered to $40 from $49 at JMP Securities
JMP Securities analyst David Turkaly lowered the firm's price target on Integra LifeSciences to $40 from $49 and keeps an Outperform rating on the shares following the Q1 results. Management noted that a third-party audit was recently conducted at its Boston facility, and the observations extended the expected relaunch timeframe for SurgiMend, PriMatrix, and several private label lines indefinitely, the analyst tells investors in a research note. While the magnitude of the financial update was not that significant, it is likely the open-ended nature of the situation from a timing standpoint that sent the stock down 20%, which JMP views as overdone.
06:45 EDT IART
Integra LifeSciences price target lowered to $26 from $42 at BofA
BofA lowered the firm's price target on Integra LifeSciences to $26 from $42 and keeps an Underperform rating on the shares. Integra does not expect to get its Boston facility back online in 2024 and the new findings from the Boston audit "are the latest in a series of setbacks" over the last two years, says the analyst, who adds that "investors have grown increasingly frustrated amidst the numerous delays." The company's updated FY24 sales guidance "looks too aggressive" and implies a second half sales ramp that "may be hard to hit," the analyst contends.
Integra LifeSciences price target lowered to $25 from $45 at Wells Fargo
Integra LifeSciences downgraded at Wells on pushout of Boston facility restart
As previously reported, Wells Fargo downgraded Integra LifeSciences to Equal Weight from Overweight with a price target of $25, down from $45. The firm had previously upgraded Integra as it had believed that the Boston facility restart would represent an inflection point and drive potential EPS upside from a return of high margin products. However, management noted that it no longer expects to resume Boston commercial distribution in 2024 as the third party audit yielded more findings than expected and more work is needed. Given that restart is not expected in 2024 and management is still working on a detailed plan without a specific timeline offered, the firm is moving to the sidelines, the analyst tells investors.
