Profound Medical’s Promising Growth: Buy Rating Reiterated with $17 Price Target

Lake Street analyst Ben Haynor reiterated a Buy rating on Profound Medical (PRN – Research Report) today and set a price target of $17.00.

Ben Haynor has given his Buy rating due to a combination of factors that suggest promising growth for Profound Medical. The company is well-positioned to achieve substantial revenue increases, driven by its TULSA technology, which addresses significant markets in prostate cancer and benign prostatic hyperplasia (BPH). Haynor points out that the newly appointed Chief Commercial Officer, Tom Tamberrino, has successfully assembled a high-caliber sales team, which is crucial for capturing these opportunities.
Moreover, the sales team, with experience from successful companies like Novadaq Technologies and EndoMag, is strategically structured across the U.S. and includes specialized roles for different customer segments and international markets. This robust sales infrastructure, coupled with positive clinical and financial feedback from potential clients, enhances the company’s ability to penetrate the market effectively. Haynor’s confidence is further reflected in the reiteration of a price target of $17, underscoring the potential for significant upside in the stock’s valuation.

According to TipRanks, Haynor is an analyst with an average return of -14.6% and a 27.40% success rate. Haynor covers the Healthcare sector, focusing on stocks such as Sensus Healthcare, Treace Medical Concepts, and EKSO BIONICS.