Piper Jaffray Starts Tactile Systems Technology (TCMD) at Overweight
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Piper Jaffray initiates coverage on Tactile Systems Technology (NASDAQ: TCMD) with a Overweight rating and a price target of $17.00.
Analyst Matt O'Brien commented, "We are initiating coverage of Tactile with an OW rating and $17 PT. The company’s PCD products, in our view, are best-in-class and we anticipate they will generate strong revenue growth (+20%) in this lightly penetrated category (below 5%). With its unique business model (bypassing the DMEs) and going directly to the physicians and patients, we believe TCMD is able to capture more of the economics on its products, which results in a strong profitability profile for the business. Although there are risks to the story to monitor, we believe they are manageable and with a modest valuation, we recommend purchase at these levels."
Shares of Tactile Systems Technology closed at $13.23 yesterday.
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