Wells Fargo Downgrades Tornier (TRNX) to Market Perform
Tweet Send to a FriendGet Alerts TRNX Hot Sheet
Price: $17.05 +0.59%
Rating Summary:
9 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 24 | New: 24
Rating Summary:
9 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 24 | New: 24
Trade TRNX Now!
Wells Fargo downgraded Tornier (NASDAQ: TRNX) from Outperform to Market Perform with a price target of $21.00 (from $28.00).
"We are downgrading TRNX to Market Perform from Outperform due to various issues which have led to a deceleration in the top-line growth and a reduction in guidance the past two quarters," said Larry Biegelsen, an analyst at Wells Fargo.
"Based on management’s commentary on the Q2 2012 earnings call, many of these issues are likely to persist for the next few quarters. The specific issues impacting the business are (1) distributor changes in the US which won’t be completed until mid-2013; (2) softness in the company’s large joint business in Europe due to the macro environment; (3) below market growth in its lower extremities business due to competitive pressure; (4) slower upper extremities sales growth due to the timing of new product launches; and (5) a slower than expected contribution from geographic expansion," said Biegelsen.
For an analyst ratings summary and ratings history on Tornier click here. For more ratings news on Tornier click here.
Shares of Tornier closed at $21.86 yesterday, with a 52 week range of $16.69-$25.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"We are downgrading TRNX to Market Perform from Outperform due to various issues which have led to a deceleration in the top-line growth and a reduction in guidance the past two quarters," said Larry Biegelsen, an analyst at Wells Fargo.
"Based on management’s commentary on the Q2 2012 earnings call, many of these issues are likely to persist for the next few quarters. The specific issues impacting the business are (1) distributor changes in the US which won’t be completed until mid-2013; (2) softness in the company’s large joint business in Europe due to the macro environment; (3) below market growth in its lower extremities business due to competitive pressure; (4) slower upper extremities sales growth due to the timing of new product launches; and (5) a slower than expected contribution from geographic expansion," said Biegelsen.
For an analyst ratings summary and ratings history on Tornier click here. For more ratings news on Tornier click here.
Shares of Tornier closed at $21.86 yesterday, with a 52 week range of $16.69-$25.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: UBS Downgrades Carnival (CCL) to Neutral; Worst May Not Be Behind
- UPDATE: Lazard Capital Downgrades Warner Chilcott (WCRX), Says Deal Could Fall Through
- UBS Raises PT on Tesoro (TSO)
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT Change, DowngradesRelated Entities
Earnings, Wells Fargo
Login with Facebook
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!
