Evolus (EOLS): Maintaining Hold Amid Softer Aesthetic Injectables Demand and Macro Headwinds

Needham analyst Serge Belanger has maintained their neutral stance on EOLS stock, giving a Hold rating on December 7.

Serge Belanger has given his Hold rating due to a combination of factors tied primarily to the operating environment for Evolus’s key aesthetic products. His updated model slightly lowers revenue expectations for Jeuveau and Evolysse, as recent quarterly patterns and a softer market for facial injectables suggest a more muted growth trajectory than previously anticipated. Industry data from a major competitor’s Botox and Juvederm franchises indicate double-digit year-over-year volume declines, reinforcing the view that demand across the category is under pressure. While there is potential for some recovery over the next year or two, he does not yet see a clear catalyst for a return to prior high-growth trends.

Belanger also highlights that broader economic uncertainty and persistent inflation are dampening consumer confidence, which in turn is reducing spending on discretionary aesthetic procedures such as toxins and fillers. These macro headwinds are not specific to Evolus but they constrain the pace at which the company can expand its franchise in the current environment. As a result, even though the long-term opportunity in aesthetics remains intact, the near- to medium-term risk/reward profile appears balanced rather than compelling. This combination of modestly reduced forecasts, category-wide weakness, and macro-driven demand risk underpins his decision to maintain a Hold rating on EOLS shares.

In another report released on December 7, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $7.00 price target.