Maxim Group analyst Anthony Vendetti maintained a Buy rating on Myomo yesterday and set a price target of $4.00.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Anthony Vendetti has given his Buy rating due to a combination of factors including Myomo’s strong third-quarter performance, which exceeded revenue expectations primarily driven by growth in the international segment and the U.S. orthotics and prosthetics market. The company has successfully implemented marketing changes that have reduced the cost per lead and is focusing on developing recurring patient sources by training clinics and strengthening relationships with healthcare professionals. This strategic shift aims to decrease reliance on advertising for lead generation.
Additionally, Myomo’s efforts to reduce expenses and improve gross margins are noteworthy, with expectations for cash flow operating breakeven at a lower revenue run rate. The expansion of insurance coverage to 35 million lives is anticipated to drive further revenue growth and technology adoption. With a focus on expanding operations in Germany and a large patient population, Vendetti remains optimistic about the company’s growth potential. The attractive valuation, with shares trading at a discount compared to peers, further supports the Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $5.00 price target.