UPDATE: Bank of America Raises PO to $28 on Tornier NV
Bank of America raises its price target on Buy-rated Tornier NV (NASDAQ: TRNX) to $28 from $22 based on the conviction of continued strength in revenue growth and improving profitability.
Bank of America says, "TRNX's 2012 guidance of 8-11% revenue growth leaves plenty of room for upside potential in our view. 8-11% is slower growth than the 12% TRNX experienced in 2011, but current business trends appeared rock solid and have not slowed. TRNX has high exposure to Europe (35% of revs), but in 2012 TRNX is slated to enter Brazil, China and Japan for the first time and TRNX will introduce 14 significant new products after introducing 19 new products in 2011."
TRNX closed at $24.43 a share yesterday.
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