UPDATE: Canaccord Genuity Initiates Coverage on Intersect ENT Inc. with Buy Rating, $27 PT on Expanded Market Opportunity

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In a report published Monday, Canaccord Genuity analyst William J. Plovanic initiated coverage on

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Intersect ENT Inc.

(NASDAQ: XENT) with a Buy rating and $27.00 price target.In the report, Canaccord Genuity noted, "Intersect's strong clinical data profile has proven the efficacy of its PROPEL and PROPEL mini implants for patients following functional endoscopic sinus surgery. Intersect is conducting clinical trials to expand both indications and treatment settings with its PROGRESS, RESOLVE II, and EXCEED trials."Intersect ENT Inc. closed on Friday at $23.71.