- 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 ).
For further details see:
Hologic downgraded to neutral at BofA amid supply chain, COVID headwinds