UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on TearLab Corporation

In a report published Monday, Canaccord Genuity reiterated its Buy rating on TearLab Corporation

, and raised its price target from $6.00 to $8.00. Canaccord Genuity noted, “Given strong underlying business trends, we increase our price target to $8 from $6 as we believe the growth profile of the stock justifies a higher multiple. In our opinion, TEAR should start benefitting from physician referrals (>500 IB), expanding sales force (12 reps and four managers), and robust lead activity from AAO conference.” TearLab Corporation closed on Friday at $5.31.