Inari Medical: Truist Raises Price Target to $63 Amidst Positive Financial Performance
Thursday, Dec 19, 2024 7:35 am ET
3min read Inari Medical (NASDAQ:NARI) has seen a significant boost in its stock price prospects, with Truist Securities raising its price target to $63 from $50. This revision reflects the positive financial performance and growth prospects of the medical device company, which focuses on treating Chronic Venous Disease and Pulmonary Embolism.
Truist's decision to raise the price target comes on the heels of Inari Medical's impressive revenue growth. The company's revenue has surged by 24.62% year-over-year, reaching $615.16M in 2024. This growth is a testament to the company's strong product portfolio and market acceptance of its offerings, such as ClotTriever and FlowTriever. Additionally, Inari Medical's earnings per share (EPS) have shown improvement, with a projected increase from -$0.76 in 2024 to $0.14 in 2025.
The positive financial performance and growth prospects of Inari Medical have not gone unnoticed by analysts. Truist Securities analyst Richard Newitter, who maintains a 'Hold' rating on the stock, increased the price target to $63 from $50. This revision aligns with the overall bullish sentiment among analysts, with an average target of $62.33. Other analysts, such as Steve Lichtman at Oppenheimer and Adam Maeder at Piper Sandler, have also recently raised their targets for Inari Medical, indicating a growing optimism in the company's prospects.
Inari Medical's focus on treating Chronic Venous Disease and Pulmonary Embolism positions it well in a growing market. The prevalence of these conditions is increasing due to an aging population and rising obesity rates, creating a strong demand for effective treatment options. Furthermore, the company's geographic expansion, with a majority of its revenue coming from the United States and the rest from international markets, indicates a strong potential for further growth.
The price target revision by Truist Securities reflects the positive developments and strong position of Inari Medical in the medical device industry. As the company continues to innovate and expand its product offerings, investors can expect strong growth potential in the sector. The positive financial performance, analyst sentiment, and market trends all point to a bright future for Inari Medical.
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