Needham analyst Mike Matson raised the price target on Personalis (NASDAQ: PSNL) to $3.50 (from $2.30) while maintaining a Buy rating.

The analyst comments "PSNL's 4Q23 revenue was consistent with its 1/5/24 preannouncement while its EPS missed consensus. And management guided to 2024 revenue that bracketed consensus. Revenue growth slowed to 18% in 4Q23 from 23% in 3Q23 as Oncology growth improved, but VA MVP revenue growth slowed. PSNL received reimbursement for NeXT Dx in 4Q23 and plans to submit for NeXT Personal minimal residual disease (MRD) test reimbursement in 2024. PSNL plans to target early stage breast, lung cancer, and immunotherapy monitoring with NeXT Personal. We reiterate our Buy rating and raise our price target to $3.50 from $2.30 as we shift the basis of our valuation of PSNL shares to our 2025E sales estimate."