UPDATE: Piper Jaffray Upgrades Endologix to Overweight on Growth Profile
Piper Jaffray raised its price target on Endologix (NASDAQ: ELGX) from Neutrla to Overweight with a reiterated price target of $16 a share.
Piper Jaffray commented, "We are upgrading ELGX as we believe the company's sustainable 25% top-line growth profile is being too heavily discounted by the market. We believe there has been a misunderstanding of the factors around the delay in the Nellix launch, and conversely an under-appreciation of the Q4 Ventana launch in the EU and the halo effect Ventana will have to AFX revenues. In addition, we continue to view the endovascular aortic repair (EVAR) market as providing a stable source of underlying growth with limited exposure to macro headwinds due to the non-elective nature of the procedure."
Endologix closed at $12.57 on Wednesday.
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