Merrill Lynch Raises PT on Tornier to $26 (TRNX, VOLC)

Merrill Lynch raised its price target on Tornier TRNX to $26. In a research report published today, Merrill named strong Q1 results as a reason for its decision. In the report, Merrill states, "TRNX is growing faster than we anticipated and that faster growth looks to us as if it will continue. Based on these strong results and our increased confidence in the outlook for better growth we think TRNX should trade up to the level of faster growth companies like VOLC. We are raising our PO to $26, which would equate to 3.9x 2011 EV/Sales and 3.5 2012 - roughly in line with VOLC - and have made minor adjustments to our estimates." In yesterday's trading, Tornier added 1.55% to its value to close the day at $22.24.