Leerink Partners Downgrades Syneron Medical (ELOS) to Market Perform
- Consumer staples stocks help Wall St. pare some losses
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Verizon Communications (VZ) May Acquire Big Cable Company - NYP (CHTR) (CMCSA)
- Citron Research Negative on Lannett (LCI); Sees Shares at 'Zero' Over Long Term
- Einhorn's Greenlight Mentions Caterpillar (CAT) Short in Q4 Letter; Doesn't See Disney (DIS) Buying Netflix (NFLX)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Leerink Partners downgraded Syneron Medical (NASDAQ: ELOS) from Outperform to Market Perform with a price target of $7.80 (from $9.40).
Analyst Richard Newitter commented, "We are downgrading ELOS to MP from OP as we believe mixed 2Q results (which included a big NA rev miss) will add to a “mgmt. execution” overhang that has been weighing down on the stock for some time and is likely to limit further multiple expansion prospects. A new leadership structure/mgmt. change (announced with 2Q results) in NA does not necessarily increase our confidence there will be a quick fix in store. This is the 2nd NA mgmt. re-org in the past 2 yrs and following past ones, ELOS has still lost share and delivered lumpy growth trends. We also worry that challenges in the NA business are more systemic in nature and UltraShape's underperformance in the increasingly competitive US non-invasive (NI) fat segment extends beyond "execution"---i.e. ELOS may just have a less competitive offering. Our PT goes to $7.80 (vs. $9.40) assuming minimal multiple expansion from current levels on a slightly lower '17E rev."
Shares of Syneron Medical closed at $6.86 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- UBS Downgrades Twitter, Inc. (TWTR) to Neutral
- Baird Cuts Price Target on GameStop (GME) Following Holiday Results
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!