Benchmark Upgrades IRIS International (IRIS) to Buy; Expense Control Drives Earnings Leverage

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Benchmark upgraded IRIS International (NASDAQ: IRIS) from Hold to Buy, raising price target to $12.50.

Benchmark analyst said, "IRIS reported Q4 results that met our forecast and demonstrated continued operating discipline, including expense control and cash flow generation. Revenue expanded 13.1% to $33.1 million, versus the $33.0 million consensus. Adjusted EPS of $0.15 met our forecast and exceeded the consensus by $0.01. We are upgrading the shares and increasing our price target based on our increased confidence in the Company’s two- to three-year earnings outlook. We see heightened 2012 R&D investment driving strong earnings leverage as expenses decelerate after 2013 and 3GEMS urinalysis and hematology products advance toward launch in 2014 and 2015, respectively."

For an analyst ratings summary and ratings history on IRIS International click here. For more ratings news on IRIS International click here.

Shares of IRIS International closed at $11.10 yesterday, with a 52 week range of $7.73-$12.00.

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