Brokerage cuts CareCloud's PT after sales forecast disappoints

Carecloud

15/03/2022 10:57

** H.C. Wainwright & Co cuts PT on healthcare technology
firm  MTBC.O  to $8 from $14, implying upside of ~72% on stock's
last close 
    ** Brokerage says co needs to focus on marketing and ad
spend to drive sales, in the backdrop of difficult conditions
for small-cap tech
    ** Co on Monday forecast FY22 sales between $152 mln and
$155 mln, below Street estimates of $156.8 mln, according to
Refinitiv data  urn:newsml:reuters.com:*:nGNXfL3Wr
    ** "We suspect more should come out on CareCloud's marketing
endeavors as we understand the company is working hard to
sharpen its story" - Wainwright 
    ** Maintains 'buy' rating on expectation of continued
organic growth and co's "investor focused" messaging improving
    ** Avg rating of six analysts on stock is 'buy'; their
median PT is $17 - Refinitiv data
    ** As of last close, shares down 26.42% so far this year 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))