Canaccord Genuity initiated coverage on Tactile Systems Technology Inc TCMD with Buy rating and $21 price target, which represents over 60 percent upside potential.
According to the analysts, the company is on the cutting edge of a paradigm shift in at-home management of chronic venous disease, characterized by a large, highly under-penetrated patient population. They expect Tactile Systems to continue delivering above peer-group revenue growth and elite gross margins to support continued ramping profitability, notwithstanding plans to invest heavily to grow its sales force, expand OUS and continue investing in clinical research.
The $21 price target is based on 3x (30 percent discount) their 2018 estimated revenue of $109 million.
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