Cutera shares are trading lower after the company reported preliminary fiscal 2022 results with sales coming below prior guidance and consensus, Piper Sandler analyst Matt O’Brien tells investors in a research note. However, after speaking to management, the analyst is “comforted” that this miss is attributed to business outside of AviClear. He remains bullish on the contribution from AviClear and thinks the “strong placements” at the end of 2022 sets up for a positive 2023. O’Brien sees the share pullback as a buying opportunity and reiterates an Overweight rating on the name with a $55 price target. The stock in morning trading is down 24% to $30.99.
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