Macro Factors Take a Toll on Cutera Earnings, Analyst Slashes Price Target by 61% - Cutera (NASDAQ:CUTR)

Earlier this week, Cutera Inc CUTR reported interim FY22 sales of $252 million to $253 million for full-year 2022, growing 15% to 16% over the prior year on a constant currency basis versus prior guidance of $255 million to $260 million, missing the consensus of $259 million.
Cantor Fitzgerald has downgraded the stock rating on CUTR to Neutral from Overweight and lowered the price target to $33 from $85.
The analyst said to be moving to the sidelines on CUTR's stock until macro headwinds (recessionary environment, FX) that it thinks will impact the company's business subsides and/or management can demonstrate that it can continue to grow the business through a down cycle.
The analyst will reassess its investment thesis after the company releases full results for 4Q22 and 2022 on 28 February.
Price Action: CUTR shares are down 7.47% at $27.60 on the last check Wednesday.