Jefferies Cuts Price Target on ReWalk Robotics (RWLK) to $10; Reiterates Buy
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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."
Shares of ReWalk Robotics Ltd. closed at $2.75 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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