Craig-Hallum analyst Matt Hewitt downgraded Omnicell to Hold from Buy but raised his price target to $84 from $80 following the company’s better than expected Q1 results on Thursday. Overall, Hewitt tells investors in a research note that he believes Omnicell is poised to continue growing the market and taking share for the foreseeable future, but with the stock trading at the highest level in over a decade from a valuation perspective, he believes much of this upside has been factored in. Therefore, he is stepping to the sidelines in the hopes of getting a better entry point.
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