CUTR - Cutera draws Cantor downgrade after 2022 revenue miss

• Cantor Fitzgerald downgraded Cutera, Inc. ( NASDAQ: CUTR ) to Neutral from Overweight on Tuesday after the medical device company pre-announced its 2022 financials indicating $252M – $253M revenue for the last year.
• The estimate, based on preliminary, unaudited financials, implies 15% – 16% YoY growth on a constant currency basis and falls short of Cutera’s ( CUTR ) prior guidance of $255M – $260M.
• Citing reasons for the downgrade, Cantor analysts led by Louise Chen opt to move to the sidelines until macro concerns, such as recessionary and forex impact which they think could weigh on CUTR shares, ease.
• The analysts lowering the price target on the stock to $33 from $85 per share intend to reassess their position if the management can show that they can navigate the business towards growth through a downtrend.
• In December, Seeking Alpha author Zach Bristow reaffirmed his Buy rating on Cutera ( CUTR ) with a price target of $50 – $53 per share.

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