H.C. Wainwright upgraded ReWalk Robotics (NASDAQ:RWLK) to “buy” from “neutral” and raised its price target to $9 from $4, citing several key milestones in the past few months. The stock closed at $5.21 on June 14.
ReWalk is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with spinal cord injury to stand upright, walk, turn, and climb stairs.
The company’s recent milestones include regulatory approvals in the U.S. and EU, reimbursement inroads with private payers in the U.S. and improved financial health after a financing.
Analyst Swayampakula Ramakanth writes that with management planning to initiate commercialization in coming weeks, “we expect the company to improve its top line growth and be able to withstand potential financial headwinds in the near- to mid-terms.”
He projects ReWalk’s revenues to grow from $10-million in 2019 to $171-million in 2030, a 13-year compound annual growth rate of 24%.
