Leerink Partners Raises Price Target on ZELTIQ Aesthetics (ZLTQ) to $48; Reiterates Outperform
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Leerink Partners reiterated an Outperform rating on ZELTIQ Aesthetics (NASDAQ: ZLTQ), and raised the price target to $48.00 (from $43.00), following the company's 2Q earnings report. ZLTQ reported revenues of $89.5M, ahead of the consensus' $80M estimate.
Analyst Richard Newitter commented, "ZLTQ remains a top pick following a very strong 2Q rev beat and guidance raise highlighted by another exceptionally strong NA system outperformance, meaningfully increased NA utilization (+26% y/u), and better-than-expected improvement out of the OUS division. EBITDA margin guidance of 7-9% was reiterated despite some transient pressures at the gross profit line (all explainable and related to future business drivers in our view) which result in a lower near-term GM outlook. We expect a more meaningful ramp in EBITDA margin in 2H16 as DTC spend leverages. Mgmt. also reiterated its LT 25-30% EBITDA margin outlook along with a commitment to driving balance between profit and growth---albeit, the bias nearer-term is to go after growth given such a substantial underpenetrated non-invasive fat (NI) mkt opportunity, which we believe is the right call. PT to $48 (vs. $43) on higher estimates."
Shares of ZELTIQ Aesthetics closed at $33.88 yesterday.
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