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Canaccord Genuity Maintains a 'Buy' on LeMaitre Vascular (LMAT); Mixed Q1

May 3, 2012 9:49 AM EDT Send to a Friend
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Price: $7.98 -0.13%

Rating Summary:
    3 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 27 | Down: 14 | New: 11
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Canaccord Genuity maintains a 'Buy' on LeMaitre Vascular (NASDAQ: LMAT) price target lowered to $7.00.

Analyst, Jason R. Mills, said, "Revenue beat expectations, while operating income was lower than expected owing to weak gross margin as LMAT is still working through manufacturing inefficiencies with AlboGraft. Revenue guidance was lowered by $500K due to AlboGraft being off the market in UK and France. Encouragingly, the quarter was clean on the P&L– there were no restructuring/impairment charges – as the company has completed its key strategic initiatives that began in 2011. Revised guidance still calls for organic growth of 8%, which is decent for a med tech company in this macro environment. Given LMAT’s history, we think that it’s likely that complementary revenue will be added via acquisition, which is not in our model."

For an analyst ratings summary and ratings history on LeMaitre Vascular click here. For more ratings news on LeMaitre Vascular click here.

Shares of LeMaitre Vascular closed at $5.35 yesterday.




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