---
title: "Buy Rating Reaffirmed as Margin Outlook Improves and Silicone Supply Secured; $117 Price Target Maintained"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295886566.md"
description: "TD Cowen analyst Josh Jennings reaffirmed a Buy rating on Establishment Labs Holdings with an $117 price target, citing improved margin outlook and secured silicone supply. The firm noted that Q2 margin pressure was due to one-time inventory reserves rather than structural weakness, and finalized multi-year supply terms with Avantor/Nusil mitigate price risks. Meanwhile, Citi recently upgraded the stock to Buy with a $92 target."
datetime: "2026-08-14T05:35:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295886566.md)
  - [en](https://longbridge.com/en/news/295886566.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295886566.md)
generator: "portal-rs"
---

# Buy Rating Reaffirmed as Margin Outlook Improves and Silicone Supply Secured; $117 Price Target Maintained

In a report released today, Josh Jennings from TD Cowen maintained a Buy rating on Establishment Labs Holdings, with a price target of $117.00.

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Josh Jennings has given his Buy rating due to a combination of factors tied to margin visibility and supply stability. The clarification that second-quarter gross margin pressure stemmed largely from one-time inventory reserves, rather than underlying weakness, supports a more constructive long-term profitability view, especially as product mix continues to shift toward higher-margin U.S. and minimally invasive offerings.

Josh Jennings’s rating is based on management’s confirmation of finalized, multi-year silicone supply terms with Avantor/Nusil that avoid the feared steep price increases. With pricing expected to track normal inflation and be passed through beginning next year, he sees the gross margin expansion trajectory as intact, justifying modestly higher forward estimates and supporting the unchanged $117 price target. 

In another report released yesterday, Citi also upgraded the stock to a Buy with a $92.00 price target.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**