** Research analysts at investment banks that worked on Hinge Health's HNGE.N May IPO overwhelmingly bullish after quiet period ends
** Shares of San Francisco-based telehealth startup, which provides physical therapy services, closed at $34.85 on Fri, 9% above their $32 IPO price
** HNGE stock up 4% at $36.25 in very thin premarket trading
** Morgan Stanley, one of the IPO's lead bookrunners, initiates at 'overweight' saying HNGE is a "category leader in virtual musculoskeletal care with a highly scalable, differentiated AI-driven platform" and is selling into a $27 bln "serviceable available market" $(SAM)$
** Needham initiates at 'buy' saying MSK (musculoskeletal) category represents a "massive opportunity" in the U.S. as 40% of Americans have an MSK issue but only 9% currently receive treatment
** KeyBanc starts at 'overweight' pointing to key catalysts for the stock being co's "unique and proprietary technology" allowing seamless user experience, strong health plan network, growth supported by shift to utilitization-based pricing model, and margin expansion opportunities to approach longer-term goal of ~25% sooner than expected
CURRENT COVERAGE ACCORDING TO LSEG DATA (sorted by PT, descending order):
Brokerage | Rating | Price Target |
Outperform | $50 | |
Truist Secs | Buy | $48 |
Stifel | Buy | $48 |
Needham | Buy | $47 |
Overweight | $46 | |
Raymond James | Outperform | $45 |
KeyBanc | Overweight | $45 |
RBC | Outperform | $45 |
Barclays | Overweight | $43 |
Piper Sandler | Overweight | $41 |
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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