Leerink Partners Cuts Price Target on Endologix (ELGX) Following In-Line 3Q
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Leerink Partners maintained a Market Perform rating on Endologix (NASDAQ: ELGX), and cut the price target to $11.00 (from $13.00), following the company's 3Q earnings report. Revenues of $52.1MM was above the Street's $51.9MM as OUS sales came in slightly above expectations. EPS reported a loss of ($0.11), beating the Street's ($0.15) estimate. Management also narrowed 2016 revenue guidance range to $198-$201MM (vs. $199MM-$203MM prior) citing some OUS headwinds in Europe.
Analyst Ravi Misra commented, "We reiterate our MP rating on ELGX following in-line 3Q results. The 3Q update, below consensus '16 guide and news that mgmt is pursuing a narrower indication for Nellix reinforces our belief that there's limited revenue upside beyond current estimates, thus we find it difficult to justify a higher valuation. PT to $11 (from $13) based on lower est. and lower group multiple."
Shares of Endologix closed at $9.90 yesterday.
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