Jesup & Lamont Raises Their Price Target on Electro-Optical Sciences (MELA) to $9.50; Reiterates Buy
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Jesup & Lamont raises their price target on Electro-Optical Sciences (NASDAQ: MELA) from $8 to $9.50 and reiterates their Buy rating. Jesup & Lamont analysts believe MELA’s MelaFind will be approved by the FDA in late 2008 with a full product launch in 2009. However, analysts do not estimate significant sales of MelaFind until 2010. Therefore, the $9.50 price target is calculated using 30x price earnings multiple off the 2010 estimates of $0.41 per share.
Analysts also said, "We believe our PE multiple is appropriate for the high growth phase of small-cap medical device companies and that our 15% discount rate accounts for the risks inherent in the FDA approval and product commercialization processes."
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