Cynosure (CYNO) PT Bumped to $45 at Leerink Partners

Leerink Partners analyst Richard Newitter reiterated an Outperform rating and lifted his price target on Cynosure (NASDAQ: CYNO) to $45.00 (from $42.00) after updating its model following Q2 results.

Newitter commented, "We update our model to reflect: (a) 2Q results, (b) a slightly more bullish core US 2015-16 rev. growth forecast, (c) more tempered 2015-16 core OUS forecasts, (d) higher Mona Lisa/SculpSure contribution, (e) slightly higher 2H15 investment. Despite a challenging OUS environment, we come away from 2Q feeling more confident in CYNO's double-digit organic rev. growth potential for the next several years as new product momentum picks up in 2H15 and beyond--i.e., SculpSure, Mona Lisa, Ellman synergies, new PicoSure wavelengths--and op. leverage/EPS growth acceleration follow. Our PT goes to $45 (vs. $42) based on group multiple expansion. Reiterate OP."

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

Shares of Cynosure closed at $39.37 yesterday.

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