Procept BioRobotics (PRCT) shares are attractive for longer-horizon investors after a selloff, Oppenheimer said in a note Tuesday following a recent meeting with the company.

"The stock selloff is overdone and risk-reward is quite attractive for longer-horizon growth investors," the note said.

The report said reimbursement uncertainty is mitigated now that proposed Current Procedural Terminology rates are out. It also pointed to other factors such as a more benign C-suite shuffle

than feared.

The note also said that market concern of a guidance reset might be misplaced following the appointment of a new CEO.

"Business remains on solid footing, and we feel Q3, Q4 numbers should be solid, though they might be noisy on some metrics," the report said.

Oppenheimer upgraded the stock to outperform from perform, with a price target of $60.

Price: 40.85, Change: +0.68, Percent Change: +1.69