Benchmark Lowers Price Target on STAAR Surgical (STAA), Pushes Back Toric's Expected Release
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Price: $23.52 +4.12%
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 17
Rating Summary:
4 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 6 | New: 17
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Benchmark is cut its estimates and price target on shares of STAAR Surgical Corp. (NASDAQ: STAA) following the company's presentations at the American Society of Cataract and Refractive Surgery conference in San Diego and a screen check at the AMC Cinema in Century City, Los Angeles.
Management was disappointed when it announced that instead of receiving FDA approval, the company's Toric refractive lens to correct astigmatism was instead opened to a new lineup of questions. This pushes back the firm’s expectation on when it believes that Toric will be released from 2011 to 2012.
As a result, Benchmark is reducing it price target from $10 to $9.
The firm reports that, "We remain constructive regarding STAAR’s 2-3 year outlook based on international sales traction that is expanding rapidly from an increasing majority of Company sales."
Management was disappointed when it announced that instead of receiving FDA approval, the company's Toric refractive lens to correct astigmatism was instead opened to a new lineup of questions. This pushes back the firm’s expectation on when it believes that Toric will be released from 2011 to 2012.
As a result, Benchmark is reducing it price target from $10 to $9.
The firm reports that, "We remain constructive regarding STAAR’s 2-3 year outlook based on international sales traction that is expanding rapidly from an increasing majority of Company sales."
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