Northland Securities Downgrades Tornier (TRNX) to Underperform after CEO Retires

November 13, 2012 10:09 AM EST Send to a Friend
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Price: $24.61 +0.70%

Rating Summary:
    5 Buy, 7 Hold, 2 Sell

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    Up: 12 | Down: 48 | New: 12
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Northland Securities downgraded Tornier (NASDAQ: TRNX) from Market Perform to Underperform with a price target of $14.00 following the retirement of President/CEO, Doug Kohrs, effective immediately.

"The sudden nature of the announcement combined with the recent deceleration in sales growth could raise questions about the 2013 outlook for the company," the analyst comments. "Mr. Kohrs, who was 54 years old as of the May, 2012 proxy statement, was having a very productive 2012 prior to last night's announcement. In June, he was named the Ernst & Young 2012 master entrepreneur of the year for the upper Midwest and re-elected to a three-year term on the board of directors. The company also just finished expanding its management team and completing the acquisition of OrthoHelix, hardly indications that the CEO was planning to leave anytime soon."

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

Shares of Tornier are down 15.5% to $14.54.

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