Wells Fargo Raises Price Valuation on Tornier (TRNX), Continues to See Double-Digit Sales Growth

Wells Fargo is reiteraitng its Market Perform rating on shares of Tornier (NASDAQ: TRNX) while raising its valuation range from $25-$27 to $28-$31 to reflect a higher forward EV/sales multiple.

The company reported solid results for Q1, topping the consensus, and raised its FY11 guidance. The firm believes that growth in this business segment will outpace that of the large joint segment and view the market as highly attractive as a stand-alone business as a part of a larger, more comprehensive orthopedic franchise.

Wells Fargo forecasts that TRNX will continue to experience double-digit sales growth and show increasing operating leverage, including profitability, based on robust extremity market growth, new products, and improving efficiencies.

For more ratings news on Tornier click here and for the rating history of Tornier click here.

Shares of Tornier closed at $27.47 yesterday.

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