Lake Street raised the firm’s price target on NeuroPace (NPCE) to $17 from $12 and keeps a Buy rating on the shares after the company reported preliminary Q4 revenue above the firm’s and Street estimates. NeuroPace continues to perform “exceptionally well” and the firm is raising its 2023 and 2024 revenue and EPS expectations as a result of the beat, the analyst tells investors. In addition, after Boston Scientific (BSX) announced an agreement to acquire Axonics (AXNX) for an enterprise value of $3.4B, which implies a 7.7x forward EV/Rev, the firm argues “this valuation can be applied” to NeuroPace shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on NPCE:
- NeuroPace sees FY23 revenue $64.9M-$65.4M, consensus $63.01M
- NeuroPace reports preliminary Q4 revenue $17.5M-$18M, consensus $15.79M
- NeuroPace Announces Preliminary Unaudited Revenue for Fourth Quarter and Full Year 2023 and Provides Business Updates
- NeuroPace ‘primed for continued outperformance’ in 2024, says Lake Street
- NeuroPace announces early completion of patient enrollment in NAUTILUS study
