Leerink Partners Cuts Price Target on Intersect ENT (XENT) to $14; Reiterates Outperform
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
- Oppenheimer Raises Price Target on NeuroDerm (NDRM) to $30 After Meeting with FDA
- BWS Financial Cuts Price Target on Sigma Designs (SIGM) to $5.00
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!