Anthony Vendetti, an analyst from Maxim Group, reiterated the Buy rating on Myomo (MYO – Research Report). The associated price target remains the same with $8.00.
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Anthony Vendetti has given his Buy rating due to a combination of factors that highlight Myomo’s strategic positioning and growth potential. The company hosted an Investor Day where it showcased its business model and long-term financial goals, including ambitious revenue targets and improved manufacturing capabilities. Myomo’s MyoPro product, designed to aid individuals with upper-arm paralysis, is positioned to capture a largely untapped market, and the company is leveraging its first-mover advantage in this niche.
Vendetti is optimistic about Myomo’s ability to expand its patient pipeline and manufacturing output while maintaining cost efficiency. The company is actively working on reducing costs through various initiatives, such as insourcing parts assembly and developing a companion app. Additionally, Myomo’s efforts to increase its clinician network and launch new product versions demonstrate its commitment to innovation and market leadership. The analyst also notes that Myomo’s current valuation is compelling, with a price target derived from a discounted cash flow analysis, suggesting significant upside potential compared to peers.
According to TipRanks, Vendetti is an analyst with an average return of -27.0% and a 23.28% success rate. Vendetti covers the Healthcare sector, focusing on stocks such as Dermata Therapeutics, Helius Medical Technologies, and bioAffinity Technologies, Inc..
In another report released on June 23, Craig-Hallum also assigned a Buy rating to the stock with a $8.00 price target.