Needham & Company Reiterates a 'Buy' on Palomar Medical (PMTI); Good Quarter - Successful Palovia Launch

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PMTI Hot Sheet

Rating Summary:
1 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38

Needham & Company reiterates a 'Buy' on Palomar Medical Technologies (NASDAQ: PMTI) price target of $20.00.

Analyst, Dalton Chandler, said, "While our estimate for Palovia sales proved overly optimistic it was very clear that management was pleased with what amounted to a controlled launch. Management presented a wealth of data from multiple sources that clearly showed customers are pleased with the device and that there are multiple opportunities for product development and revenue enhancement. In addition to the successful Palovia launch the company had a much better than expected result from its professional product segment." (Needham lowers FY12 EPS estimate from $0.16 to $0.10. FY12 revs from $100.5 mln to $85.9 mln)

For an analyst ratings summary and ratings history on Palomar Medical Technologies click here. For more ratings news on Palomar Medical Technologies click here.

Shares of Palomar Medical Technologies closed at $9.24 yesterday, with a 52 week range of $7.00-$16.57.

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