Oppenheimer Upgrades Tactile Systems Technology (TCMD) to Outperform
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Oppenheimer analyst Suraj Kalia upgraded Tactile Systems Technology (NASDAQ: TCMD) from Perform to Outperform with a price target of $55.00.
The analyst comments "In what can be safely characterized as a "nutty" environment for medtech stocks, with valuations jumping ~40% from pre-COVID-19 levels without any appreciable change in outlook, Tactile Medical stock has relatively underperformed (TCMD down 4% vs. NASDAQ up 49%, DJIA up 25%). In our view, Tactile, at least on a relative basis, is undergoing some positive subliminal changes, which could yield long-term benefits: 1) An unanticipated collateral impact of COVID-19 has been to force the company to adopt virtual training of patients; 2) Independent contractor use might wane over time; 3) The math suggests OpEx leverage moving forward; 4) Valuation relative to the space is quite attractive relative to fundamentals. Our $55 PT represents ~4x our newly established FY22 sales estimate of $275M."
Shares of Tactile Systems Technology closed at $38.19 yesterday.
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