UPDATE: Canaccord Genuity Initiates Endologix at Buy on Multiple Positive Factors

In a report published Wednesday, Canaccord Genuity analyst Jason R. Mills initiated coverage on Endologix ELGX with a Buy rating and $19.00 price target.

In the report, Canaccord Genuity noted, “Growth – like that achieved by ELGX over the past three years (26% CAGR) and portended by our model over the next five years (18% CAGR) – is a rare asset in the medical device universe. We are initiating coverage of ELGX at a BUY, predicated on our evaluation of the company juxtaposed with five key aspects: direction of the ‘tide' in its target market, share trends, margin potential, valuation and catalysts (in that order).”

Endologix closed on Tuesday at $16.07.