UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on MAKO Surgical

In a report published Wednesday, Goldman Sachs Group reiterated its Neutral rating on MAKO Surgical Corp.

, and raised its price target from $15.00 to $17.00. Goldman Sachs noted, “MAKO shares have rallied 54% (vs. Russell 2000 up 11%) since hitting a 52-week low on 8/1/2012. MAKO once again trades at premium valuation vs. emerging MedTech (5.4X vs. 4.4X 2013E EV/Sales), suggesting increased confidence in the outlook. Based on investor conversations, the recent strength in MAKO is tethered to expected strong 3Q results. In this report, we assess scenarios around 2H12 performance, implications for outer year numbers, and potential trajectory for the stock. We revise our numbers to reflect better inventory management (company is hiring personnel to focus on working capital metrics, predominantly instrumentation).” MAKO Surgical Corp. closed on Tuesday at $18.41.