HOLX - Hologic downgraded to neutral at BofA amid supply chain COVID headwinds

• BofA Securities has downgraded diagnostics products and medical imaging systems company Hologic ( NASDAQ: HOLX ) citing headwinds from supply chain issues, foreign exchange, and COVID-19.
• The firm also cut its price target to $75 from $81 (~6% upside based on Tuesday's close).
• Analyst Derik de Bruin said that those headwinds will negatively impact growth and operating margin expansion into fiscal 2023.
• de Bruin noted that a July survey conducted by BofA colleague Kevin Fischbeck indicated that the outlook for hospital capital expenditures has declined as nearly a third of survey respondents are seeking to delay or cancel projects this year.
• As a result, de Bruin is lowering his fiscal 2023 and 2024 revenue and EPS estimates.
• Read how BTIG recently rated Hologic ( HOLX ).

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