Piper Jaffray reiterated an Overweight rating on LDR Holding (NASDAQ: LDRH), and cut the price target to $37.50 (from $45.00), following the company's 3Q pre-announcement. LDR reported Q3 sales of $39.3M. Management attributed the miss to increased seasonality compared to last year.

Analyst Matt O'Brien commented, "LDR preannounced Q3 results that were slightly below our expectation, though reiterated its full year guidance. Management attributed the miss to increased seasonality compared to last year. That said, the miss in the quarter came from traditional fusion products, particularly international and not Mobi-C (which was in line with our $12.8 million estimate). Further, our checks continue to point to increased interest and adoption of Mobi-C. We expect the stock to be weak tomorrow and are lowering out PT to $37.5 down from $45 to reflect the changing multiple environment (now use 5x 2016 revenue versus 6x). That said, we remain confident in the unique technology and for LDR’s growth prospects in the future."

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Shares of LDR Holding closed at $36.21 yesterday.