Omnicell should be bought on any earnings weakness, says Piper Sandler

Piper Sandler reduced fiscal 2023 adjusted EBITDA estimates following a review of Omnicell’s recent price, margin and opex commentary. The analyst expects the company’s Q4 earnings and guidance to "serve as a clearing event for the stock" and would be buyers on event-related weakness. Recovering fundamentals and improving end market dynamics will drive the narrative and buoy the stock in the back half of the year, the analyst tells investors in a research note. Piper keeps an Overweight rating on Omnicell with a $66 price target.