In a report released today, Jason Mills from Canaccord Genuity maintained a Buy rating on Staar Surgical Company (NASDAQ: STAA), with a price target of $32. The company’s shares closed yesterday at $29.40, close to its 52-week high of $31.75.
Mills wrote:
“We view the Warning Letter lift as a bullish catalyst for the stock and the company, with the enormous potential growth engine that is the US market now fully accessible to STAA. While the near term now looks even brighter, we think the firm’s longer-term potential, both with presbyopia (a ~1.5M-patient annual TAM by company estimates) and with full entry into the US market (the second-largest refractive market in the world) acting as major growth drivers – drivers we expect to support sustained, double- digit organic growth into the next decade and beyond. We reiterate our BUY rating and increase our price target to $32 (9.1x EV/sales on 2020E).”
According to TipRanks.com, Mills is a top 25 analyst with an average return of 31.5% and a 78.8% success rate. Mills covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Boston Scientific Corp, and Merit Medical Systems.
Staar Surgical Company has an analyst consensus of Strong Buy, with a price target consensus of $26.50.
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The company has a one-year high of $31.75 and a one-year low of $9.70. Currently, Staar Surgical Company has an average volume of 370.6K.
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STAAR Surgical Co. engages in the development, manufacture, production, market, and trade of implantable lenses for the eye and delivery systems. It specializes in refractive and cataract solutions. Its products include intraocular lens and implantable collamer lens. The company was founded in 1982 and is headquartered in Monrovia, CA.