UPDATE: Stifel Initiates Coverage on Zeltiq Aesthetics with Buy Rating, $28 PT on Multiple Positive Factors

In a report published Thursday, Stifel analyst Jonathan Block initiated coverage on

with a Buy rating and $28.00 price target. In the report, Stifel noted, “We are initiating coverage of ZELTIQ Aesthetics, Inc. (ZLTQ) with a Buy rating and $28 target price. ZELTIQ is in the early stages of successfully penetrating the very large non-invasive body contouring market opportunity. After several stumbles in early 2012 under prior management, revenue growth meaningfully accelerated in 2013. Our diligence from 170 CoolSculpting practices (or 14% of the total North American (N.A.) customer base) shows momentum is likely to continue. Our 2015 and 2016 revenue estimates are above consensus, and if our diligence is accurate, further upside potential remains, in our view.” Zeltiq Aesthetics closed on Wednesday at $17.97.