Piper Sandler analyst Adam Maeder upgraded Zynex to Overweight from Neutral with a price target of $18, up from $10. While Zynex "had its share of ups-and-downs" in 2021, the company has executed "nicely" through the first three quarters of 2022, Maeder tells investors in a research note. As the analyst looks ahead to 2023, he believes the shares "still trade at a very reasonable valuation." The stock can work higher behind potential numbers upside and multiple expansion, Maeder contends.
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