Mizuho Securities analyst Uy Ear has maintained their bullish stance on EOLS stock, giving a Buy rating yesterday.
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Uy Ear has given his Buy rating due to a combination of factors surrounding Evolus’s recent achievements and strategic potential. The FDA’s early approval of Evolus’s first two hyaluronic acid filler products, FORM and SMOOTH, is a pivotal development that not only diversifies the company’s product line but also signals potential revenue growth beyond initial expectations. With the filler products set to launch in the second quarter of 2025, there is a possibility to surpass the projected revenue guidance for 2025 due to the earlier-than-expected approval.
Moreover, the inclusion of comparative efficacy data to Restylane L, a major product in the filler market, further underscores the competitive advantage of Evolus’s new products. The strategy to initially focus on existing Jeuveau accounts, combined with the complementary nature of neurotoxins and fillers, positions Evolus to expand its market presence effectively. The company’s valuation at 2.7x EV/2025E sales suggests that the stock is undervalued, especially with an underappreciated long-term revenue target of $700 million by 2028, which is achievable with modest market share gains and market growth projections.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $22.00 price target.