Exact Sciences price target lowered to $60 from $80 at Evercore ISI

Evercore ISI analyst Vijay Kumar lowered the firm’s price target on Exact Sciences (EXAS) to $60 from $80 and keeps an Outperform rating on the shares. The Q3 print was “relatively ok,” but the issue was the Q4 guidance cut, which assumes revenue growth of about 7%, which the firm notes would be a deceleration from 13% in Q3. The firm acknowledges management “has its work cut out and needs to rebuild credibility,” but thinks Exact “has done the heavy lifting” to support a sustainable and profitable model and calls shares “compelling for those with a medium term time horizon.”