Procept BioRobotics initiated with a Hold at Jefferies

Jefferies initiated coverage of Procept BioRobotics (PRCT) with a Hold rating and $95 price target The firm’s checks suggest the Hydros system launch could catalyze a replacement cycle among systems more than two years old and drive more surgeon adoption, but it sees a more limited ambulatory surgical center, or ASC, opportunity and thinks the current valuation limits the stock price upside.