Oppenheimer Lifts Numbers on Endologix (ELGX) On Higher Nellix Expectations
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Rating Summary:
7 Buy, 7 Hold, 1 Sell
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer raised estimates and its price target on Outperform-rated Endologix (NASDAQ: ELGX) from $14 to $17 following meetings with three surgeons on their experiences with ELGX's Nellix abdominal aortic aneurysm (AAA) system, slated for European approval mid-year. The three surgeons were among the initial clinical investigators of Nellix.
"Based on our extensive conversations, we're increasingly confident that Nellix will be viewed as a front-line product in the AAA market," the analyst commented. "We are raising our sales estimates for '13 and beyond and price target to $17, and see the stock as well positioned here on any dips ahead of several 2H12 key catalysts."
Oppenheimer raised FY13 revenues from $137.1 million to $138.5 million and EPS from ($0.16) to $0.06.
For an analyst ratings summary and ratings history on Endologix click here. For more ratings news on Endologix click here.
Shares of Endologix closed at $13.39 yesterday.
"Based on our extensive conversations, we're increasingly confident that Nellix will be viewed as a front-line product in the AAA market," the analyst commented. "We are raising our sales estimates for '13 and beyond and price target to $17, and see the stock as well positioned here on any dips ahead of several 2H12 key catalysts."
Oppenheimer raised FY13 revenues from $137.1 million to $138.5 million and EPS from ($0.16) to $0.06.
For an analyst ratings summary and ratings history on Endologix click here. For more ratings news on Endologix click here.
Shares of Endologix closed at $13.39 yesterday.
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