Leerink Partners Cuts Price Target on Intersect ENT (XENT) to $14; Reiterates Outperform
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Leerink Partners maintained an Outperform rating on Intersect ENT (NASDAQ: XENT), and cut the price target to $14.00 (from $21.00), following the company's 3Q and sell-off. Revenues of $18.5M beat consensus’ $17.8M and reflected a second consecutive quarter of y/y sales growth acceleration.
Analyst Richard Newitter commented, "Following XENT's massive sell-off (-43%) yesterday, we are sticking with our OP. The current valuation already seems to bake in a lot of concern relating to XENT's nearer-term (i.e., 2017) growth outlook (understandably), but if our new 2017 estimates do prove to be in the right ballpark, we think the stock likely overshot to the downside, especially considering XENT's exciting pipeline that should begin to drive meaningful revenue growth re-acceleration in 2018 and beyond back above 20%. We acknowledge that our visibility around potential near-term headwinds relating to CMS's recent decision on 11/1 to bundle payments for multi-sinus surgery (LINK) is limited. We will continue to do more work in the weeks/months ahead to get more comfortable that our new (lower) estimates for 2017 are not going to be hindered to a greater extent than we've already contemplated. PT to $14 (vs. $21) on lower estimates and a lower multiple to account for reimbursement risk."
Shares of Intersect ENT closed at $8.35 yesterday.
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