Cantor Fitzgerald Initiates Coverage On This 'Attractively Valued' MedTech Stock

  • Cantor Fitzgerald initiated coverage on Asensus Surgical Inc ASXC with an Overweight rating and a price target of $1.50. 
  • ASXC is a RoboticAssisted Surgery (RAS) company that digitizes the interface between the surgeon and patient to enable performance-guidance surgery through machine vision, augmented intelligence, and deep learning capabilities. 
  • The analyst believes that Asensus Surgical's RAS system, Senhance, should drive better and more consistent procedural outcomes. 
  • The $1.50 price target is based on a 23.1x EV/CY23E revenue/growth multiple, representing a slight premium to high-growth MedTech peers at 19.4x and a discount to Intuitive Surgical Inc ISRG at 76.9x. 
  • The analyst holds a favorable view of the estimated $56-billion laparoscopic surgery market that may achieve an estimated 15% CAGR over 2019-30, with a current penetration of less than 15% of WW surgeries.
  • The analyst believes ASXC's visualization technology is differentiated from competitors and should serve to drive fast adoption.
  • Price Action: ASXC shares are up 2.77% at $0.54 on the last check Thursday.
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