RxSight downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Larry Biegelsen downgraded RxSight (RXST) to Equal Weight from Overweight with a price target of $42, down from $56. The firm sees a lack of catalysts and limited upside to 2025 revenue growth, the analyst tells investors in a research note. The firm conducted a survey of 50 cataract surgeons in July that suggested tempered Light Adjustable Lens volume growth in 2025, well below the firm’s forecasted 2025 growth rate of +49%, Wells adds. Additionally, the firm expects LAL+ to hit peak launch at some point this year or early 2025, while management has not yet disclosed pipeline updates or a product roadmap.