Canaccord ups Vapotherm PT to $27 from $22

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Canaccord Genuity raised its price target for Vapotherm (NYSE:VAPO) to $27 from $22 after the company’s fourth quarter results beat expectations. The stock closed at $19.85 on March 12.

The company, which develops non-invasive technologies for respiratory support of patients with chronic or acute breathing disorders, also issued its first formal guidance as a public company, projecting total 2019 sales in the range of $49-million to $51-million, up 16% to 20% year-over-year.

“We think the firm’s guidance is prudently conservative, and view multiple potential drivers of upside (recent sales force expansion/faster ramp in sales force productivity; impact and effect of the de novo label/new product code facilitating an acceleration in adoption; clinical data driving further discussion and awareness of Hi-VNI’s capabilities; and potential initial contributions from IntellO2 in Europe),” writes analyst Jason Mills.

Abby Hardy