UPDATE: Goldman Sachs Downgrades MAKO Surgical to Neutral on Persisting Certainty
Goldman Sachs lowered its rating on MAKO Surgical (NASDAQ: MAKO) from Buy to Neutral and reduced its price target from $36 to $17.
Goldman Sachs commented, "Given slowing growth over the past two quarters, we are starting to question the long-term viability of MAKO's core technology and the extent to which the company can grow outside of its initial indication. Simply put, we were too bullish about the ramp in total hips and the company's ability to sell systems outside of large contract orders. Since being added to the Americas Buy List on May 16, 2011, MAKO is up 4.7% vs. the S&P 500 up 1.7% and the Russell 2000 down 2.2%."
MAKO Surgical closed at $24.61 on Monday.
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