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Fly News Breaks for August 23, 2018
ELGX
Aug 23, 2018 | 07:21 EDT
BTIG analyst Sean Lavin lowered his price target on Endologix to $4 to reflect the company's recent "drastic" reduction in FY18 revenue guidance, cuts in salesforce, and delayed clinical timelines. Lavin adds that Endologix's Q2 earnings call was also "completely negative", saying the stock is the "Cleveland Browns of MedTech World", with high potential but propensity for things to go wrong. The analyst keeps his Buy rating on Endologix on valuation, but adds that "investors will need the patience of a Browns' fan to stay involved."
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