Needham & Company Reiterates a 'Buy' on Palomar Medical (PMTI); Top Line In-Line, Miss on Bottom as Company Opens New Direct Sales Offices

Needham & Company reiterates a 'Buy' on Palomar Medical Technologies (NASDAQ: PMTI) price target of $20.00.

Needham analyst says, "PMTI delivered a pretty good quarter in the face of a domestic market that remains very challenging. The company has recently launched several new products that should help in the coming quarters and we think the home use products, with their relatively low price points, won’t be as susceptible to the macro environment."

"We have made two significant changes to our earnings model. First, we now have all Palovia revenue for 2011 recognized in 4Q11 rather than partly in 3Q11. Second, we have taken up near term operating expense and lowered EPS to account for the new direct sales offices in Europe." (FY11 Loss lowered from (0.35) to (0.51) and FY12 EPS increased from $0.08 to $0.16)

For more ratings news on Palomar Medical Technologies click here and for the rating history of Palomar Medical Technologies click here.

Shares of Palomar Medical Technologies closed at $9.83 yesterday.

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