Morningstar has upgraded its share price target for PNV.
Morningstar initiated coverage of PNV in September last year, when the share price was ~$1.30, allocating a fair share price value of $1.00. Since then, the Morningstar equity analyst, Shane Ponraj, hasn’t revised his assessment of the company’s fair value.
The good news is that, since Morningstar’s last report on July 25, and with the share price now ~$2.30, the analyst seems to be finally warming to PNV.
In the latest report on PNV, released today, Ponraj concedes that “Polynovo is growing quickly. Fiscal 2024 sales rose 54% to $92 million, 2% ahead of our forecast, with 75% stemming from the main United States market. The shares are up more than 68% in the last year.”
Consequently, Morningstar has raised its fair value estimate by 5% to $1.05 “primarily due to the time value of money and slightly higher revenue forecasts” and revised its forecast five-year revenue compound annual growth rate increases from 25% to 26%.
Phew!!!
PNV Price at posting:
$2.32 Sentiment: Hold Disclosure: Held
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