Cynosure (CYNO) PT, Estimates Trimmed at Stifel Despite Solid Results
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Stifel analyst Jonathan Block trimmed estimates and his price target on Cynosure (NASDAQ: CYNO) to $58.00 (from $62.00) but maintained a Buy rating following solid results.
Block commented, "Cynosure delivered another solid quarter with revenue and EPS ahead of our estimates. Product revenue upside was across both N.A. and notably, international as O-U.S. traction begins to increase. We believe momentum will continue to build as the international division begins to benefit from the broader launch of SculpSure (and its accompanying recurring PAC), PicoSure's ongoing strength in APAC, and to a lesser extent, MonaLisa Touch (MLT). The N.A. division has benefited from these products for the past 12+ months and revenue is +47% LTM. While the 3Q16 top-line was relatively solid, we believe the q/q draw down in deferred revenue weighed on the perception of the beat a bit, and more importantly, our concerns about the amount of near-term leverage come into play causing us to lower our 2017 EPS estimate from $1.90 to $1.65 despite the top-line relatively unchanged."
Shares of Cynosure closed at $49.69 yesterday.
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