Michael Matson, an analyst from Needham, maintained the Buy rating on Lucid Diagnostics (LUCD – Research Report). The associated price target was raised to $3.00.
Michael Matson has given his Buy rating due to a combination of factors including the significant year-over-year growth in EsoGuard test volume, which increased by 84% in the fourth quarter of 2024. Despite the revenue not meeting consensus expectations due to a lag in collections, the substantial growth in test volume indicates strong demand and potential for future revenue increases.
Matson anticipates that Lucid Diagnostics will see improved revenue growth as it gains coverage from Medicare and other insurers, with a MolDX draft expected in the first half of 2025. Additionally, the decision to raise the price target to $3.00 from $2.50 reflects a shift in valuation based on projected 2026 revenue, indicating confidence in the company’s long-term financial prospects.
In another report released on March 17, BTIG also reiterated a Buy rating on the stock with a $2.50 price target.