VAPO - Vapotherm downgraded to hold at Canaccord on 'transition years' ahead

Canaccord Genuity has downgraded Vapotherm (NYSE:VAPO) to hold from buy saying that comments from management during its recent earnings call position the company for transition over the next couple of years. The firm also dropped its price target to $5 from $12 (~12% upside based on Thursday's close). Analyst William Plovanic said that the company used its recent Q1 earnings call "almost as an investor day type event to level set forward expectations and significant detail to support forward expectations outlining its strategy in detail." And while Vapotherm (VAPO) released new 2022 guidance, Plovanic noted it is less than its previously withdrawn guidance. "We believe that management has a solid plan to improve the business over time, particularly by its move to a lower cost geography for manufacturing and playbook to increase utilization at its high quality installed back, we expect this process to take time and not be linear,"

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Vapotherm downgraded to hold at Canaccord on 'transition years' ahead