Carlsmed initiated with a Buy at Goldman Sachs

Goldman Sachs analyst David Roman initiated coverage of Carlsmed (CARL) with a Buy rating and $19 price target representing 35% upside potential. The firm sees “meaningful upside” for the shares given the company’s “differentiated” technology position and asset-light business model. Carlsmed’s sales force and commercial expansion, the launch of the cervical indication in 2026, and the continued release of data points are revenue drivers, the analyst tells investors in a research note.