Piper Sandler upgrades Tactile Systems to Overweight on favorable risk-reward

As previously reported, Piper Sandler analyst Adam Maeder upgraded Tactile Systems (TCMD) to Overweight from Neutral with a price target of $35, up from $20. The firm notes the lymphedema business appears to have stabilized and has a couple of catalysts on-the-come; Afflovest has consistently outperformed expectations in 2025 year-to-date and it sees plenty of growth runway going forward; valuation screens positive despite the run in the stock over the past 6 months; and Piper thought management gave a bullish update at the 2025 Piper Sandler Healthcare Conference. Looking ahead, the firm sees a potential pathway back to double-digit growth in FY26 and beyond. Piper combines this level of expected top-line growth with net income profitability, and it sees a favorable risk-reward.