InMode Ltd. (INMD) PT Lowered to $58 at Needham & Company

Needham & Company analyst Mike Matson lowered the price target on InMode Ltd. (NASDAQ: INMD) to $58.00 (from $82.00) while maintaining a Buy rating.

The analyst commented, "INMD's 1Q22 revenue and EPS came in just above its 4/11/22 preannouncement. Revenue growth slowed to 31% in 1Q22 from 47% in 4Q21, but INMD continues to see strong consumer demand for aesthetic procedures with procedures up 33% sequentially. Growth was strongest in the Minimally Invasive and Non-Invasive categories and INMD's installed base grew 10% sequentially. INMD's operating margin was above consensus but down 70 bps Y/Y due to inflation. We expect continued strong growth from INMD's existing and new products (particularly EmpowerRF and EnvisionRF) to drive additional upside during 2022, and we reiterate our Buy rating though we have lowered our price target to $58 from $82 due to peer multiple compression."

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