UPDATE: Canaccord Genuity Starts STAAR Surgical (STAA) at Buy; Strong Earnings Potential Over Next Few Years

(Updated - March 1, 2012 9:07 AM EST)

Canaccord Genuity initiates coverage on STAAR Surgical (NASDAQ: STAA) with a Buy. PT $14.50.

Analyst, Jason R. Mills, said, "We believe STAA is part of a select group of med-tech companies poised to deliver robust, 15%+ topline growth over the next several years, as the company makes further inroads into the global refractive surgery market with its proprietary VISIAN Implantable Collamer Lens (ICL), a competitor to LASIK for individuals with myopia and astigmatism. We estimate the global ICL market opportunity approximates $1.5 billion."

"We see strong earnings potential over the next few years via ICL volume growth, positive product mix, and a heady global manufacturing initiative that should streamline four global manufacturing facilities into one by 2014, driving higher margins and an ability to utilize its massive NOL tax asset ($128M/$3.50 share) in 2014 and beyond."

For an analyst ratings summary and ratings history on STAAR Surgical click here. For more ratings news on STAAR Surgical click here.

Shares of STAAR Surgical closed at $10.43 yesterday.

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