Roth Capital Maintains Buy On Iradimed Shares, Sees 63% Upside
In a research report issued today, Roth Capital analyst Chris Lewis maintained a Buy rating on Iradimed Corp (NASDAQ:IRMD) with a price target of $12.00, which represents a potential upside of 63% from where the stock is currently trading.
Lewis explained, “We reiterate our Buy rating and $12 target price after IRMD delivered inline 3Q revs, beat our EPS projection, and reaffirmed 4Q guidance. Despite an expected three week delay with its FDA 510(k) submission, we believe the inclusion of a safety assurance case could ultimately shorten the overall required time for IRMD to regain US approval. We remain confident the company can successfully regain FDA clearance and therefore continue to view IRMD’s long-term risk-reward as favorable.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Lewis has a total average return of -6.0% and a 46.7% success rate. Lewis has a 2.2% average return when recommending IRMD, and is ranked #3148 out of 3354 analysts.