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Evolus initiated with a Buy at BTIG

BTIG analyst Sam Eiber initiated coverage of Evolus (EOLS) with a Buy rating and $21 price target Evolus is a performance beauty company that operates in the cash-pay medical aesthetic market, the analyst tells investors in a research note. The firm says the company’s “differentiated go-to-market strategy” as a non-therapeutic, cash-pay company allows it to bypass third-party payer reimbursement dynamics, enabling greater pricing flexibility and the ability to reinvest into provider practices through co-branded marketing initiatives. BTIG sees several paths for Evolus to achieve its goal of at least $700M in revenue and non-GAAP operating income margin of at least 20%.

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