Leerink Partners Cuts Price Target on Endologix (ELGX) Following In-Line 3Q

November 2, 2016 7:34 AM EDT
Get Alerts ELGX Hot Sheet
Price: $6.40 +0.79%

Rating Summary:
    13 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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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."

For an analyst ratings summary and ratings history on Endologix click here. For more ratings news on Endologix click here.

Shares of Endologix closed at $9.90 yesterday.

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