UPDATE: Canaccord Raises Spectranetics' PT

According to a research report published earlier today, Canaccord has increased Spectranetics'

PT from $14.50 to $15.50. In the report, Canaccord mentioned, "We recommend adding to positions in SPNC on the heels of solid Q1 revenue upside, and ahead of potential upside to estimates/guidance in future periods owing to new product launches (i.e. GlideLight, Tapas, Japan VI), which by and large are not contemplated in our estimates or the company's 2012 guidance. We continue to see strong double-digit growth prospects for the LM business, noting new products and opportunities (Class II extractions, venous occlusion), high barriers to entry, low penetration, and leadership position." Canaccord maintains its Buy rating on Spectranetics, which closed yesterday at $10.57.