Axonics initiated with Outperform, $69 target at Baird

Baird analyst David Rescott initiated coverage of Axonics with an Outperform rating and $69 price target. The company should continue to see 20% revenue growth as its core sacral neuromodulation therapy for overactive bladder gains share from the U.S. market leader. The firm thinks Bulkamid should also see similar revenue growth. Axonics’ multiple should expand toward the comp group as its ongoing litigation moves into the rearview and the company delivers on growth, the analyst tells investors in a research note.