SVB Leerink 'bullish on aesthetics,' starts Evolus at Outperform
As previously reported, SVB Leerink analyst Marc Goodman initiated coverage of Evolus with an Outperform rating and $25 price target. He is bullish on the sustainable growth of the broader U.S. aesthetics market and specifically believes the neurotoxins market will grow in the 7%-10% range to $2B in 2025. Evolus' Jeuveau is the fourth neurotoxin to enter the U.S. market, but "the first toxin that is really similar" to Allergan's (AGN) Botox, giving it a viable opportunity to become the number two player in the U.S. market in the next few years, Goodman contends. He also likes the management team and expects M&A over time to bring in additional aesthetics products.