Procept BioRobotics price target raised to $79 from $72 at Truist

Truist analyst Richard Newitter raised the firm’s price target on Procept BioRobotics to $79 from $72 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Procept BioRobotics, Truist sees investors looking for another beat and raise that will need to look similar to Q1, with upside on systems, utilization, and gross margin and operating leverage, the firm added.