Raymond James says AxoGen selloff ‘overdone,’ raises price target to $18

Raymond James raised the firm’s price target on AxoGen (AXGN) to $18, while keeping an Outperform rating on the shares. The firm appreciates that expectations were high heading into Q3, but saw nothing in the Q3 results and views the selloff in the shares as “excessive.” Raymond James further sees Q3 as evidence that this business can sustainably grow revenue in the teens with an improving, and attractive, profit profile. The firm also believes the new CEO Mike Dale is the right person to drive this progress.