Benchmark Raises Price Target on Analogic Corp (ALOG) Following Strong Q1 Results
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Benchmark is reiterating its Buy rating on shares of Analogic Corporation (NASDAQ: ALOG) and is increasing its price target from $60 to $65 following the release of its Q1 results.
The company reported a 14 percent increase year over year in sales and topped the Street's earnings estimate by 23 percent. The topline growth was driven by strength in Medical Imaging and Ultrasound while earnings has helped by a 8.1 percent operating margin.
Management recently announced a security award valued at $20 million from L-3 Communications (NYSE: LLL). The new order highlights TSA is moving forward with upgrading the checked baggage EDS installed and Analogic’s leadership in the space.
An analyst at Benchmark comments, "Analogic saw its first shipments of new ultrasound systems for robotic surgery during the quarter. We believe robotic controlled ultrasound for surgery is an exciting opportunity and could become a key driver in the coming years. Intuitive Surgical, the leader in robotic-assisted surgery, has shipped more than 2,000 robots over the last 10 years, and management believes that each one of these robots should have a socket for ultrasound. Robotic surgery growth has been 20% annually with procedure rate growth of 35% a year."
Benchmark is reaffirming its FY12 revenue and EPS estimates of $508 million and $2.58. Operating margin is expected to be 8.8 percent.
For an analyst ratings summary and ratings history on Analogic Corporation click here. For more ratings news on Analogic Corporation click here.
Shares of Analogic Corporation closed at $54.91 yesterday, with a 52 week range of $42.90-$58.96.
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The company reported a 14 percent increase year over year in sales and topped the Street's earnings estimate by 23 percent. The topline growth was driven by strength in Medical Imaging and Ultrasound while earnings has helped by a 8.1 percent operating margin.
Management recently announced a security award valued at $20 million from L-3 Communications (NYSE: LLL). The new order highlights TSA is moving forward with upgrading the checked baggage EDS installed and Analogic’s leadership in the space.
An analyst at Benchmark comments, "Analogic saw its first shipments of new ultrasound systems for robotic surgery during the quarter. We believe robotic controlled ultrasound for surgery is an exciting opportunity and could become a key driver in the coming years. Intuitive Surgical, the leader in robotic-assisted surgery, has shipped more than 2,000 robots over the last 10 years, and management believes that each one of these robots should have a socket for ultrasound. Robotic surgery growth has been 20% annually with procedure rate growth of 35% a year."
Benchmark is reaffirming its FY12 revenue and EPS estimates of $508 million and $2.58. Operating margin is expected to be 8.8 percent.
For an analyst ratings summary and ratings history on Analogic Corporation click here. For more ratings news on Analogic Corporation click here.
Shares of Analogic Corporation closed at $54.91 yesterday, with a 52 week range of $42.90-$58.96.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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