Citi Downgrades Somanetics (SMTS) to Hold
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Citi downgrades Somanetics Corp (Nasdaq: SMTS) from Buy to Hold.
Citi analyst says, "After a significant ~35% rise in shares since May ’08 that benefited from strong FQ2:08 results, shares have reached our target and we see little to push shares higher near-term. Hence, we are moving back to a Hold rating, but increase our target to $25 given higher peer multiples...We are not signaling concern with the current FQ3 ending August and consider our sales and EPS projections reasonable given current trends. However, we view $20 as a more attractive entry point."
Somanetics Corporation, incorporated in 1982, develops, manufactures and markets the In Vivo Optical Spectroscopy (INVOS) System, a non-invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain and elsewhere in the body in somatic, or skeletal muscle, tissue in patients with or at risk for restricted blood flow.
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