Hologic price target lowered to $77 from $81 at RBC Capital

RBC Capital lowered the firm’s price target on Hologic to $77 from $81 and keeps a Sector Perform rating on the shares. The company confirmed that due to current turmoil in China – macro headwinds and purchasing uncertainty – it has slowed investment plans in the region, the analyst tells investors in a research note. Hologic isn’t exposed to inventory de-stocking or a slowdown in investment spend by small cap biotech, says RBC. It believes this bodes well for Q4 numbers and fiscal 2024 guide, but says longer term the lack of exposure to these customer segments will limit Hologic’s growth and multiple expansion relative to peers.