Avita Medical (RCEL – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Josh Jennings from TD Cowen reiterated a Buy rating on the stock and has a $15.00 price target.
Josh Jennings has given his Buy rating due to a combination of factors, primarily focusing on Avita Medical’s strategic initiatives to expand its wound care portfolio. The company is actively pursuing opportunities that are expected to significantly increase its total addressable market, which in turn is anticipated to accelerate revenue growth.
Additionally, the revised distribution agreement for PermeaDerm indicates a rising demand and highlights the company’s ability to leverage sales synergies through an enhanced product lineup. Furthermore, Avita Medical’s new agreements with Stedical Scientific for PermeaDerm underscore a strategic move to broaden its market presence and enhance commercial success, thereby reinforcing the partnership between the two firms.
Jennings covers the Healthcare sector, focusing on stocks such as Stryker, Avita Medical, and Alphatec Holdings. According to TipRanks, Jennings has an average return of 3.0% and a 48.09% success rate on recommended stocks.
In another report released on March 10, Cantor Fitzgerald also maintained a Buy rating on the stock with a $19.00 price target.