Stifel analyst Jonathan Block reiterated a Buy rating and lifted his price target on Cynosure (NASDAQ: CYNO) to $62.00 (from $57.00) following solid Q2 results. The analyst is looking for margin expansion in 2017.

Block commented, "The quarter was solid with top-line ahead of expectations and in-line with the upside scenario we laid out last week. The $8MM revenue upside was diverse with ~$2MM in N.A. product sales, ~$2MM in recurring and ~$4MM in International (table below).The better than expected sales flowed to the bottom line allowing EPS to increase +22% y/y. Looking forward, we remain encouraged with the SculpSure and MonaLisa Touch (MLT) product cycles that should continue to help drive N.A. sales. International should benefit from new products being launched more prominently and strong recurring revenue indicates that accounts are using SculpSure’s high margin consumable."

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Shares of Cynosure closed at $52.04 yesterday.