Harrow: When Cheaper Doesn't Mean Attractive (Rating Upgrade)

2025-03-29 16:30:00 ET

Summary

• Harrow's stock is down 17% since my last analysis and "Sell" recommendation.
• Harrow's Q4 and FY24 results show significant revenue growth and improved net income, but the company faces complex reimbursement challenges and tough competition.
• Valuation models suggest Harrow is fairly valued if it achieves 20% revenue growth and 15% FCF margins, though these are lofty expectations.
• I upgrade Harrow to "Hold" due to its solid earnings and more reasonable valuation, but remain cautious about its complex business structure and high growth targets.

Introduction

Harrow, Inc. ( HROW ) stock is down another 17% since my “ Sell ” recommendation in December....

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