Needham & Company Reiterates a 'Buy' on Syneron Medical (ELOS); Slight Miss, But Still Expect Strong Year

Needham & Company reiterates a 'Buy' on Syneron Medical (NASDAQ: ELOS) price target of $19.00.'

Analyst, Dalton Chandler, said, "ELOS missed our revenue estimate by only $1M, but still grew revenue better than 14% Y/Y, a very good performance given that the company is by far the largest in its industry. With the new products launched in 2011, especially eLure, additional products coming this year and the promising acquisition of UltraShape we think the company is well positioned for a very good year."

"We are raising our 2012 revenue growth rate to 16% from 12 % based on 8% growth in PAD and 100% in the EBU. Despite raising revenue estimates our EPS assumption is unchanged because after reviewing our operating expense assumptions we concluded they were too low."

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

Shares of Syneron Medical closed at $10.50 yesterday, with a 52 week range of $8.91-$14.92.

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