Leerink Partners Downgrades Syneron Medical (ELOS) to Market Perform
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial 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
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- MKM Partners Raises Price Target on Hartford Financial (HIG) to $55
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!