Mizuho Securities analyst Uy Ear has maintained their bullish stance on EOLS stock, giving a Buy rating on November 8.
Uy Ear has given his Buy rating due to several reasons. Firstly, Evolus’s performance in Q3 of 2023 exceeded expectations, with the company reporting a top line of $50 million, surpassing the $45 million projected by Bloomberg/Mizuho. This impressive gain was attributed to both strategic execution and market growth. Moreover, the company has managed to keep its SG&A spending growth (+20% Y/Y) lower than its revenue growth (+48% Y/Y), a strategy which is expected to result in a positive non-GAAP operating income by 2025.
Secondly, the company raised its 2023 guidance for Jeuveau for the second time, which is now increased by $11M at the midpoint from the original guidance of $180-190M to a new range of $194-198M. This strong performance, combined with an expected strong growth in 2024, makes the consensus sales forecast of approximately $248M (+28% Y/Y) attainable. In addition, the company’s 3Q23 results were stronger than expected, with Evolus reporting an all-time quarterly high. This growth was driven by not only continued execution but also by an improvement in market volume procedures. Based on these reasons, Uy Ear maintains a $20 price target and a Buy rating for EOLS.
Ear covers the Healthcare sector, focusing on stocks such as Arcutis Biotherapeutics, Alkermes, and Relmada Therapeutics. According to TipRanks, Ear has an average return of -1.0% and a 22.61% success rate on recommended stocks.
In another report released on November 8, H.C. Wainwright also reiterated a Buy rating on the stock with a $27.00 price target.
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Evolus (EOLS) Company Description:
Evolus, Inc. is a medical aesthetics company, which engages in the provision of medical aesthetic treatments and procedures. It offers products under the brand of Jeuveau. The company was founded by Scott Cannizzaro in November, 2012 and is headquartered in Newport Beach, CA.
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