Avita Medical Ltd. (RCEL) PT Raised to $12 at Piper Sandler

Piper Sandler analyst Matt O\'Brien raised the price target on Avita Medical Ltd. (NASDAQ: RCEL) to $12.00 (from $9.00) while maintaining a Neutral rating.

The analyst commented, "This afternoon, Avita released Q3 results with sales coming right at the mid-point of its prior guidance range. Full-year revenue guidance for the year was reiterated and continues to assume a strong ramp into year-end. We view guidance as achievable, but not a lay-up, as the company continues to make operational progress with the launch of RECELL GO and new products. Anticipated CE mark for this technology was delayed to 1Q25, which we don't think is too impactful as it was not expected to contribute much this year and importantly is not highly dependent on the company's profitability goal (which is still expected in 3Q25). While there are several growth drivers looking to next year, we remain cautious on the near-term outlook and thus remain on the sidelines. Reiterate N; PT to $12."

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