ZELTIQ Aesthetics (ZLTQ) PT Raised to $39 at Brean Capital on Strong Revenue Growth
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Brean Capital analyst Difei Yang reiterated a Buy rating and raised his price target on ZELTIQ Aesthetics (NASDAQ: ZLTQ) to $39.00 (from $35.00) after the company reported an impressive revenue beat as the result of increased spending on their DTC (Direct to Consumer) marketing program.
Yang commented, "The results, which came in at $89.5 mil vs. consensus revenue estimates of $79.4 mil, didn’t translate into an earnings beat. GAAP EPS for the second quarter came in at ($0.12) vs. consensus estimates of ($0.04). Top-line performance was particularly strong in North America with revenue up $23.5 mil after a strong Q1. We believe the increase in spending in DTC to be well worth the cost as capturing further market share in North America is pivotal at this stage in the game. Hence, the miss on EPS was not a concern to us. Furthermore, management guided full year revenue higher from a range of $320 mil to $325 mil to a range of $340 mil to $350 mil. Finally, as Zeltiq fully enters into the Chinese market, we expect to see stronger international revenue growth in 2H16."
Shares of ZELTIQ Aesthetics closed at $33.88 yesterday.
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