Analysts Downgrade Heart Devices Focused Silk Road Medical, Cite Uncertain Prospects
Portfolio Pulse from Vandana Singh
Silk Road Medical Inc (NASDAQ:SILK) reported lower than expected Q3 revenue and projected FY23 revenue below consensus. The company's CEO, Erica Rogers, also announced her retirement. Following these announcements, Citi downgraded the stock from Buy to Sell, Piper Sandler lowered the price target, and Stifel downgraded the stock from Buy to Hold.
October 11, 2023 | 7:24 pm
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NEGATIVE IMPACT
Silk Road Medical's lower than expected Q3 revenue and CEO's retirement announcement have led to stock downgrades by Citi, Piper Sandler, and Stifel.
The lower than expected Q3 revenue and the announcement of the CEO's retirement have created uncertainty about the company's future, leading to stock downgrades by several analysts. This is likely to negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100