Establishment Labs Inc. (ESTA) PT Raised to $84 at Needham

Needham analyst Mike Matson raised the price target on Establishment Labs Inc. (NASDAQ: ESTA) to $84.00 (from $70.00) while maintaining a Buy rating.

The analyst comments "Given the recent outperformance of ESTA shares, we have revisited our thesis and its market opportunity. ESTA has multiple growth drivers, including US breast augmentation, US breast reconstruction, and its minimally invasive procedures. We believe that ESTA still has considerable room to capture market share in US augmentation and US reconstruction, while its minimally invasive procedures should both increase average selling prices (ASPs) and expand the market globally. Our scenario analysis of ESTA's growth drivers indicates that it should be able to sustain strong double-digit growth for 5+ years. We reiterate our Buy rating and raise our price target to $84 from $70 due to peer multiple expansion."

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