Australia’s Healthia (ASX:HLA) recently faced a price target cut by analysts at Canaccord Genuity.

The target price was reduced to A$1.70 per share from a previous A$2.30.

This price adjustment follows a recent announcement by Healthia, regarding a trimmed down forecast for their underlying EBITDA estimates for FY23 to A$38 mln to A$39 mln.

Originally, the expectations eclipsed A$40 mln.

The primary reason driving this decrease in estimates, builds upon an unexpected increase in staff absences during Q4, which analysts cite was due to spikes in influenza and COVID-19 cases.

Despite this, Canaccord Genuity anticipates that Healthia will post an underlying EBITDA runrate of A$42.2 mln for FY23.

Of all the analysts covering the stock, the consensus is to ‘buy’.

The median price target currently stands at A$2.54, as per Refinitiv.

So far this year, the company’s stock has decreased by 17.9% leading up to the most recent closing.

Healthia is a health services firm based in Australia.