BTIG expects Establishment Labs to 'power through' pandemic, raises PT

Establishment Labs Holdings

13/01/2021 12:22

** BTIG expects the recent uptick in ESTA shares, driven by
growing investor interest, to sustain as the company "powers
through" the pandemic
    ** Increases PT to $61 from $41, implying an upside of 22.3%
to ESTA's last closing price
    ** ESTA shares rose nearly 23% on Tuesday after news of
Allergan's plans to exit several global breast implant and
tissue expander markets; co on Monday also forecast Q4 rev above
estimates
    ** Brokerage expects ESTA to gain share in many key regions
due to tailwinds from positive updates including strong safety
data of its Motiva silicone breast implants as well as
competitive market exits 
    ** Expects new products like ESTA's next-generation
Ergonomix2 breast implant, which recently received CE mark in
Europe, to increase adoption and take price
    ** Says there could be further potential upside to rev from
new products like co's Motiva Mia minimally-invasive breast
augmentation system and entry in major markets like China and
the U.S.
    ** Stock is up about 25.7% in 2020

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))