UPDATE: Canaccord Lowers PT on Alphatec Holdings from $3.50 to $3.00
Canaccord reiterated a Buy rating on Alphatec Holdings (NASDAQ: ATEC) and lowered its price target from $3.50 to $3.00.
Canaccord commented, “We maintain our BUY rating on Alphatec despite another quarter of sluggish US results. We expect 2012 to be a transitional year due to management team changes and operational improvement initiatives. However, we note that recent product launches, additions to the US and international distribution teams and a pending acquisition all could drive results to the high end of updated 2012 guidance and set the company up for renewed growth in 2013.”
Alpahtec Holdings closed at $1.62 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.