Evolus cut to Hold at Needham after ‘significant’ Jeuveau downturn

Needham downgraded Evolus (EOLS) to Hold from Buy and removed the firm’s prior $22 price target The company’s Q2 revenue was significantly short of consensus due to significant and unforeseen downturn in Jeuveau sales as deteriorating demand caught up with the product, the analyst tells investors in a research note. Worsening consumer sentiment and aesthetic demand led to lower purchase volumes in late Q2, Needham states, adding that the overall negativ macro will continue weighing on consumer sentiment.