Barclays Maintains Overweight on Revance Therapeutics, Lowers Price Target to $10
Portfolio Pulse from Benzinga Newsdesk
Barclays analyst Balaji Prasad has maintained an Overweight rating on Revance Therapeutics (NASDAQ:RVNC) but has reduced the price target from $35 to $10. This adjustment reflects a significant decrease in the expected share price performance of RVNC, although the Overweight rating indicates a continued positive outlook on the stock.
January 29, 2024 | 8:06 pm
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Barclays has maintained an Overweight rating on Revance Therapeutics but has significantly lowered the price target from $35 to $10, indicating a reduced but still positive expectation for the stock's performance.
While the Overweight rating suggests that Barclays believes RVNC will outperform the market or its sector, the drastic reduction in the price target could lead to short-term negative sentiment among investors. The new price target still suggests upside potential from current levels, but the magnitude of the decrease may raise concerns about the company's valuation or expected future earnings.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100