Establishment Labs price target raised to $70 from $65 at Mizuho

Mizuho raised the firm’s price target on Establishment Labs to $70 from $65 and keeps a Buy rating on the shares. The company announced that the FDA has completed its review of its pre-market approval application for its flagship Motiva implant and subsequently issued a letter deeming it approvable upon a successful inspection of its manufacturing facilities, the analyst tells investors in a research note. The firm says revised timetables now point toward an August potential FDA clearance which can be followed by a soft launch at some point in the September timeframe. With FDA clearance now more probable, Mizuho raised its base price target to $70 and “bull case” to $90 from $80 to reflect the “de-risking of this catalyst event.”