Jefferies Cuts Price Target on ReWalk Robotics (RWLK) to $10; Reiterates Buy

Jefferies maintained a Buy rating on ReWalk Robotics Ltd. (NASDAQ: RWLK), and cut the price target to $10.00 (from $16.00), following the company's 3Q earnings report. Revenues beat expectations by $200K. This was driven by 6 rental conversions in the quarter. RWLK reiterated its guidance of $6.2-7.0mn for 2016.

Analyst Raj Denhoy commented, "ReWalk's 23 units in 3Q were down 1 sequentially, but matched the 23 from a year ago. Outside of this 23, 7 future sales are expected to be converted from 3 users beginning training in a Stanford study and 4 in a VA study. The pipeline grew by just 186 qualified leads vs. the 316 in 2Q. However the company is confident in a 4Q rebound and sales guidance was reiterated at $6.2-7.0mn for the year."

For an analyst ratings summary and ratings history on ReWalk Robotics Ltd. click here. For more ratings news on ReWalk Robotics Ltd. click here.

Shares of ReWalk Robotics Ltd. closed at $2.75 yesterday.

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