UPDATE: Benchmark Upgrades Symmetry Medical to Buy on Higher Margins, Guidance Reset
Benchmark raised its rating on Symmetry Medical (NYSE: SMA) from Hold to Buy and increased its price target from $10 to $12.
Benchmark commented, "We are upgrading SMA to a Buy rating from a Hold rating. Our upgrade is based on two factors. The first is that a significant part of our Hold rating was based on our concern that SMA would not be able to meet their 2012 revenue and adjusted EPS guidance. Our concern was that SMA would have to lower guidance at some point in 2012. SMA recently lowered their revenue guidance range for 2013 to $410 million to $415 million from a previous range of $410 million to $425 million. Our 2012 revenue estimate is $410 million and it remains unchanged."
Symmetry Medical closed at $8.54 on Thursday.
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