Cantor Fitzgerald has initiated coverage on Avita Medical Inc (NASDAQ:RCEL) with an Overweight rating and a price target of $23. The analyst believes that Avita's RECELL system will disrupt traditional skin grafts, requiring significantly less donor skin. The system also reduces the number of autograft procedures and hospital stay length. The company can tap into an additional 10,000 annual burn procedures and approximately 110,000 acute wound procedures, suggesting a total addressable market (TAM) of $1.0 billion. Furthermore, an estimated 1.3 million stable vitiligo procedures in the U.S. indicate a potential TAM of $5.2 billion.