Tempus AI drops after Stifel cuts to 'hold' from 'buy'

Tempus AI

11/11/2024 14:49

** Genetics testing firm Tempus AI's shares  TEM.O  fall
8.2% to $67.75
    ** Stifel cuts to "hold" from "buy"; raises price target to
$65 from $45
    ** Brokerage says the valuation of stock looks stretched,
after company commentary suggested 2025 outlook for core
business might be guided below Street expectations
    ** Brokerage says co's acquisition of Ambry Genetics will be
positive to overall business
    ** But it expects TEM's revenue growth to slow, especially
in the data segment; points to the slower growth profile of
Ambry's hereditary cancer testing market
    ** Avg rating of brokerages is a "buy"; median PT is $52 -
LSEG data
    ** As of last close, TEM has risen 84.3% since its June 14
debut on Nasdaq 

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))