Cryoport downgraded to Hold at Jefferies on diminished growth outlook

Jefferies analyst Matthew Stanton downgraded Cryoport to Hold from Buy with a price target of $8, down from $20, as conviction in the firm’s prior growth thesis wanes. Following three straight years of mid-year revenue resets, the firm contends that the company’s ability to forecast and guide “remains murky” and it struggles to justify multiple expansion given the “more muted growth outlook” as it now forecasts about mid-single digit growth as it cut its FY24-FY26 revenue forecasts.