Needham & Company Reiterates a 'Buy' on Syneron Medical (ELOS); Beats on Revenues; Takes Market Share
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Price: $11.00 --0%
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Syneron Medical (NASDAQ: ELOS) price target of $19.00.
Needham analyst says, "We have always maintained that the key to above average growth in the Aesthetic Technology sector is a steady stream of new products to address new indications. Thanks to five recent new product launches, ELOS market share among public peers grew to 42% in the quarter, up from 40% last quarter and 38% in 1Q10, the quarter in which it’s acquisition of Candela
closed."
"We have raised our revenue estimate based on the strong quarterly results, but our EPS estimates come down a bit largely because of the additional marketing spend to launch new products, and to a lesser extent because the gross margin improvement is coming a bit slower than we expected." (Revenue: FY11 from $215.0M to $223.0M and FY12 from $240.8M to $249.8M; EPS: FY11 from (0.02) to (0.11) and FY12 from $0.46 to $0.39)
For more ratings news on Syneron Medical click here and for the rating history of Syneron Medical click here.
Shares of Syneron Medical closed at $9.16 yesterday.
Needham analyst says, "We have always maintained that the key to above average growth in the Aesthetic Technology sector is a steady stream of new products to address new indications. Thanks to five recent new product launches, ELOS market share among public peers grew to 42% in the quarter, up from 40% last quarter and 38% in 1Q10, the quarter in which it’s acquisition of Candela
closed."
"We have raised our revenue estimate based on the strong quarterly results, but our EPS estimates come down a bit largely because of the additional marketing spend to launch new products, and to a lesser extent because the gross margin improvement is coming a bit slower than we expected." (Revenue: FY11 from $215.0M to $223.0M and FY12 from $240.8M to $249.8M; EPS: FY11 from (0.02) to (0.11) and FY12 from $0.46 to $0.39)
For more ratings news on Syneron Medical click here and for the rating history of Syneron Medical click here.
Shares of Syneron Medical closed at $9.16 yesterday.
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