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Fly News Breaks for February 26, 2020
Feb 26, 2020 | 07:04 EDT
BofA analyst Michael Ryskin lowered the firm's price target on SmileDirectClub to $12 from $19 and keeps a Buy rating on the shares after the company's Q4 results fell short of his and the Street's expectations. During the quarter the company was "plagued by a number of issues," including manufacturing troubles leading to delays in aligner shipments, under-utilization of its SmileShop network, and spending that outpaced revenue growth, said Ryskin. While admitting to being "somewhat more cautious" on the company's long-term targets, Ryskin reiterated a Buy rating on SmileDirectClub shares.
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