Wunderlich Reiterates Buy Rating, $8 PT for Synergetics USA
In a company update published earlier today, Wunderlich Securities reiterated its Buy rating and $8.00 PT for Synergetics USA Inc. (NASDAQ: SURG).
Wunderlich went on to say “Synergetics announced FYQ3 results last night. SURG previously indicated that revenues would fall in a range of $14.4mm-$14.7mm. The company reported earnings of $14.6mm. GAAP EPS numbers were $0.04 per share, which is in their pre-announcement range of $0.04-$0.06 per share. During this morning's conference call, SURG management continued to caution their outlook on Europe citing macro concerns and pricing pressures in their ophthalmic business. However, SURG did confirm in-house orders for several emerging market countries that should be able to balance their European woes in Ophthalmology. In addition, the company's portable vitrectomy machine, VersaVIT has been submitted to the FDA and we expect approval sometime in Q4.”
Synergetics USA Inc. closed yesterday at $4.27.
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