Benchmark Raises Price Target on Synergetics USA (SURG) Following 41% EPS Growth in Q3
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Price: $3.32 -0.3%
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
3 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Benchmark is reiterating its Buy rating on shares of Synergetics USA (NASDAQ: SURG) and is raising its price target from $7.00 to $7.50 following Q3 earnings.
The company released its Q3 earnings with 41 percent EPS growth and 6 percent revenue growth, which was above the firm expectations. The strong growth driven by 18.6% growth in Ophthalmic sales to $9.2 million.
The firm notes that Synergetics is legally barred from commenting on the magnitude of Alcon’s (NYSE: ACL) orders, but believes that they could be incrementally meaningful and will begin this quarter or next.
An analyst at Benchmark comments, "we are optimistic on receiving significant new product contribution in F2012 as the VersaPACK gains traction and a second substantial ophthalmic product is launched in the September/October timeframe. Later in F2012 we anticipate Synergetics may launch a third significant ophthalmic product and an orthopedic product for Stryker (NYSE: SYK). These products are central to Management’s goal of becoming a $200 million revenue company within several years."
For more ratings news on Synergetics USA click here and for the rating history of Synergetics USA click here.
Shares of Synergetics USA closed at $5.46 yesterday.
The company released its Q3 earnings with 41 percent EPS growth and 6 percent revenue growth, which was above the firm expectations. The strong growth driven by 18.6% growth in Ophthalmic sales to $9.2 million.
The firm notes that Synergetics is legally barred from commenting on the magnitude of Alcon’s (NYSE: ACL) orders, but believes that they could be incrementally meaningful and will begin this quarter or next.
An analyst at Benchmark comments, "we are optimistic on receiving significant new product contribution in F2012 as the VersaPACK gains traction and a second substantial ophthalmic product is launched in the September/October timeframe. Later in F2012 we anticipate Synergetics may launch a third significant ophthalmic product and an orthopedic product for Stryker (NYSE: SYK). These products are central to Management’s goal of becoming a $200 million revenue company within several years."
For more ratings news on Synergetics USA click here and for the rating history of Synergetics USA click here.
Shares of Synergetics USA closed at $5.46 yesterday.
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