Xometry price target lowered to $25 from $55 at Citi

Citi lowered the firm’s price target on Xometry to $25 from $55 and keeps a Buy rating on the shares. The company’s Q4 results were impacted by a combination of macro and changing buyer and supplier behavior that resulted in decelerating order growth throughout into January along with pricing pressures, the analyst tells investors in a research note. However, the firm believes Xometry’s results should improve throughout 2023 as pricing grows, penetration of its largest accounts rises, and the company achieves positive EBITDA in Q4.