STAAR Surgical (STAA) PT Raised to $21 at Benchmark
Get Alerts STAA Hot Sheet
Price: $37.70 --0%
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 10
Rating Summary:
6 Buy, 8 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 10
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Benchmark maintained a Speculative Buy rating on STAAR Surgical (NASDAQ: STAA) and raised its price target to $21.00 (from $15.00). Comments follow a favorable FDA panel vote on Toric ICL.
"There were concerns over insufficient trial data, but in the end there were five "yes" votes vs. one "no" and 3 "abstentions" saying that the device was safe, seven "yes" votes vs. one "no" and one "abstention" saying that the device was efficacious, and six "yes" votes vs. three "abstentions" saying that the benefit of using the device was worth the risks associated with its use. Now it is up to the FDA to decide if the device should be approved. We have always viewed the FDA Panel as more of a wild card than the FDA, and we ultimately expect the FDA to approve the device. The panel approval is already reflected in our model, however we have increased the multiple for our EV/EBITDA to the five-year peer average of 10.4x, from the discounted 7.6x we previously used. This increase in multiple drives our price target increase," said analyst Jan Wald.
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 $15.37 yesterday.
"There were concerns over insufficient trial data, but in the end there were five "yes" votes vs. one "no" and 3 "abstentions" saying that the device was safe, seven "yes" votes vs. one "no" and one "abstention" saying that the device was efficacious, and six "yes" votes vs. three "abstentions" saying that the benefit of using the device was worth the risks associated with its use. Now it is up to the FDA to decide if the device should be approved. We have always viewed the FDA Panel as more of a wild card than the FDA, and we ultimately expect the FDA to approve the device. The panel approval is already reflected in our model, however we have increased the multiple for our EV/EBITDA to the five-year peer average of 10.4x, from the discounted 7.6x we previously used. This increase in multiple drives our price target increase," said analyst Jan Wald.
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 $15.37 yesterday.
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