Oppenheimer Reiterates Outperform Rating, $17 PT on Endologix Following Management Meetings

In a report published Monday, Oppenheimer analyst Steven Lichtman reiterated an Outperform rating and $17.00 price target on

. In the report, Oppenheimer noted, “ELGX shares are well off their highs owing to investor concern about the fate of Ventana. Our time with CEO John McDermott on the road furthered our belief in the long-term viability and potential of the product. Near-term visibility on the exact pathway and timing of a US trial restart remains low. But with the stock barely reflecting any value for Ventana, the core business solid and Nellix looking good in Europe, we maintain our Outperform rating. At 5.9x '13 EV/sales, ELGX trades at a slight discount to high-growth peers, under-appreciating the long-term growth potential of the business, in our view.” Endologix closed on Friday at $12.86.