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Investing.com - BTIG raised its price target on Establishment Labs Inc. (NASDAQ:ESTA) to $81.00 from $70.00 on Friday, while maintaining a Buy rating on the breast implant manufacturer.
The upgrade follows strong adoption of the company’s Motiva implants in the U.S. market, where the product has gained placement in more than 1,300 accounts since its launch just over a year ago. ESTA is expected to exit 2025 with approximately 20% market share of the $400 million U.S. breast augmentation market.
BTIG’s revised outlook is based on a survey of 33 U.S. plastic surgeons who perform aesthetic breast augmentations. The polled surgeons anticipate the overall market will remain healthy, with procedural volumes expected to increase at a 14% compound annual growth rate from 2025-2027.
The survey revealed that Motiva’s market share is projected to reach 14% in 2025, 26% in 2026, and 32% in 2027. Notably, among doctors already using Motiva in 2025, projected market share is significantly higher at 28% for 2025, 44% for 2026, and 51% for 2027.
BTIG has increased its U.S. forecast for Establishment Labs to reflect the more optimistic doctor outlook, now modeling approximately 33% market share in the U.S. by 2027. The firm’s model does not yet include potential upside from an anticipated breast reconstruction label expansion.
In other recent news, Establishment Labs Holdings Inc . reported its third-quarter 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of -$0.38, compared to a forecast of -$0.51. The company’s revenue for the quarter was $53.8 million, exceeding the forecast of $52.25 million, marking a 33.8% year-over-year growth. U.S. sales alone reached $11.9 million, surpassing the consensus expectation of $11.2 million. Analysts have responded positively to these results. Mizuho raised its price target for Establishment Labs to $85 from $70, maintaining an Outperform rating, following the better-than-expected results. Similarly, Needham increased its price target to $70 from $48, citing strong growth and maintaining a Buy rating. BTIG also raised its price target to $70 from $62, emphasizing the company’s strong quarterly performance and positive outlook. These developments reflect the company’s robust financial performance and the optimistic projections by multiple analyst firms.
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