BTIG Starts Evolus (EOLS) at Buy

BTIG analyst Sam Eiber initiates coverage on Evolus (NASDAQ: EOLS) with a Buy rating and a price target of $21.00.

The analyst comments "Evolus is a performance beauty company that operates in the cash-pay medical aesthetic market. The company licenses and distributes Jeuveau, an FDA approved neurotoxin, in the United States and certain OUS markets. Evolus also licenses and distributes Evolysse, a new injectable hyaluronic acid (HA) gel (filler) that received FDA approval in February 2025. These two markets represent the most popular minimally invasive cosmetic procedures in the U.S. and worldwide, with a combined global TAM of $6.2B today, growing to $10B by 2028. Evolus' differentiated go-to-market strategy as a non-therapeutic, cash-pay company allows it to bypass third-party payer reimbursement dynamics, enabling greater pricing flexibility and the ability to reinvest into provider practices through co-branded marketing initiatives. Additionally, Evolus strategically targets millennials, now the largest generational cohort in the U.S., through its edgy brand, frictionless digital platform, and favorable rewards programs. With 14% market share in the U.S. now and an expanding presence OUS, Jeuveau has become an established brand with patients and providers. Despite new competitive entrants, we expect Jeuveau's market share to remain stable; this is supported by our proprietary survey work (see more below). Looking ahead, Evolus is evolving into a multi-product company with the upcoming U.S. launch of Evolysse on April 18 and Estyme outside the U.S. in 2H25. We anticipate Evolysse will have a successful U.S. launch given synergies with Evolus' commercial infrastructure and believe it could also have a halo effect that drives incremental toxin share. While we initially model below Evolus' 2028 long-range plan (LRP), we see several paths for Evolus to still achieve its goal of at least $700M in revenue and non-GAAP operating income margin of at least 20%. We are initiating with a Buy rating and $21 PT."

For an analyst ratings summary and ratings history on Evolus click here. For more ratings news on Evolus click here.

Shares of Evolus closed at $10.11 yesterday.

You May Also Be Interested In

• B.Riley Starts Suncrete Inc (RMIX) at Buy
• Barrington Research Starts CBIZ, Inc. (CBZ) at Outperform
• AmerX Starts Serve Robotics (SERV) at Buy