Analysts from Canaccord Genuity lower their price target on Lifestyle Communities (ASX:LIC), an Australian retirement and aged care provider, from A$17.10/share to A$17/share.

The company recently announced a total of 356 settlements for fiscal 2023, declining from 401 in the previous fiscal year.

Further revisions from the brokerage have downgraded estimates for new home settlements on the company to 475 from 515 for FY24 and to 600 from 643 for FY25.

Additionally, Canaccord has revised underlying net profit after tax expectations by 9% and 14% for FY24 and FY25, respectively.

On Wednesday, Lifestyle Communities fell as much as 12% before recovering some of its losses, and ultimately ending the day 4.3% lower.

So far this year, the stock has depreciated by 12.5%.

Lifestyle Communities is a firm specializing in retirement and aged care services in Australia.