WR Hambrecht upgrades Palomar Medical Technologies (PMTI) to Buy
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WR Hambrecht upgrades Palomar Medical Technologies (Nasdaq: PMTI) from Hold to Buy with a $49 price target. The firm said, "The rationales behind our decision to upgrade are 1) the ~50% decline in the stock price from its 52-week high of $58.10 on 12/11; 2) this morning's partnership announcement between Proctor and Gamble (PG) and Syneron (ELOS) which, in our view, validates our belief that the light-based home-use market is imminent and very real; 3) our recent channel checks indicating that our concerns regarding regional sales manager turnover are do not likely pose a negative scenario, as we had originally thought; and 4) internal efforts underway by Palomar to revitalize its international sales efforts in 2007 and beyond."
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