Maxim analyst Anthony Vendetti initiated coverage of Soliton with a Buy rating and $22 price target. The analyst notes that the company's developed rapid acoustic pulse device to treat unwanted tattoos and cellulite potentially addresses multi-billion dollar market opportunities. Vendetti cites Market Research Future data indicating that about 29% of Americans having tattoos and the estimated tattoo-removal market is growing at 15.6% per year. Vendetti further cites American Board of Cosmetic Surgery estimating that up to 90% of adult women have cellulite, and the cellulite treatment market is expected to grow to $4.0B by 2025 with annual growth of 7.5%.