- Benchmark has upgraded NeoGenomics ( NASDAQ: NEO ) to buy from hold noting that a management performance improvement program is poised to deliver profitability.
- The firm left its price target unchanged at $20 (20% upside based on Friday's close).
- Analyst Bruce Jackson said that the company's recent Q4 2022 results came in better than expected and its 2023 outlook was above consensus estimates.
- Benchmark is raising its 2023 revenue estimate from $526.4M-$551.1M. It has a 2024 revenue forecast of $594.1M.
- The performance initiative, known as Project Catalyst, is expected to provide least $25M in benefits through upgraded product offerings, lab optimization, and expense control, according to Jackson. It is expected to result in adjusted EBITDA turning positive by Q4 of this year.
- Seeking Alpha's Quant Rating rates NeoGenomics ( NEO ) as a hold with high marks for momentum and profitability .
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NeoGenomics upgraded to buy at Benchmark on performance improvement program