UPDATE: Stifel Nicolaus Lowers PT to $40.00 on FARO Technologies Post SVP Termination
Stifel Nicolaus reiterated its Buy rating on FARO Technologies (NASDAQ: FARO) and lowered the price target from $42.00 to $40.00.
Stifel Nicolaus noted, "In an 8-K filing late last week, FARO announced it terminated David Morse, its Senior Vice President and Managing Director of the America's Region. … [M]anagement noted that Mr. Morse had been an effective manager during his duration of employment at FARO and there was no misconduct that led to the company's decision to terminate Mr. Morse, rather the termination decision was driven by management's goal to position the company for future growth. … Prior to FARO's 8-K filings we had been reviewing our above consensus 4Q12 estimates, with our analysis pointing to mixed FARO data points throughout the quarter."
FARO Technologies closed at $31.77 on Friday.
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