Jefferies starts coverage on Rxsight with 'buy' on growth potential

Brokerage Jefferies starts coverage on ophthalmic medical device company Rxsight RXST.O with "buy" rating and sets PT at $50

New PT more than double the stock's last close

Brokerage says RXST's competitive moat is strong, with significant growth potential and minimal competition expected in the next 5 years

Sees upside in the company's light adjustable lenses (LALs) used in cataract surgery; says the procedure is highly profitable for surgeons

LALs allow post-implantation adjustments unlike traditional lenses

8 out of 10 brokerages rate the stock "buy" or higher, 2 rate "hold" and median PT is $43 - LSEG data

RXST stock down 51% in the past 12 months