UPDATE: Truist Securities Downgrades Evolus (EOLS) to Hold
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Truist Securities analyst Gregg Gilbert downgraded Evolus (NASDAQ: EOLS) from Buy to Hold with a price target of $12.00 (from $6.00).
The analyst comments "As we noted on 2/19 (see here), the settlement that EOLS struck with ABBV and Medytox to resolve the ITC dispute removed a major overhang, enabling EOLS to re-focus on building its brand and company without the distraction of a potentially crippling outcome. With the removal of this overhang, and the stock readjusting back up to a more fair value in our view, we are moving to Hold from Buy. We continue to be bullish on management and are optimistic that EOLS can create long-term value as it grows its core product Jeuveau and evolves its model to include other products."
Shares of Evolus closed at $9.86 yesterday.
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