BTIG starts STAAR Surgical at buy: PT $46

BTIG initiated coverage of STAAR Surgical (NASDAQ:STAA) with a “buy” rating and $46 price target. The stock closed at $36.82 on Dec. 3.

“We believe STAAR owns a superior refractive surgery option to the current standard of care,” writes analyst Ryan Zimmerman. “The combination of improved safety, efficacy, and reversibility should allow STAAR to gain share from laser refractive surgery.”

Mr. Zimmerman said gains are supported by demographic trends, such as an aging population and increasing incidence of myopia, and growing demand for refractive correction in developing global markets.

He said the introduction of EVO lenses outside the U.S., particularly in Asian markets like China, Korea and Japan has powered STAAR’s revenue growth and inflection to profitability.

“Near-term, next-generation lenses to new markets should drive growth, while expanded indications, presbyopia and cataract companion, drive longer-term growth.” he added.