UPDATE: Benchmark Downgrades Vascular Solutions to Hold on Valuation

Benchmark downgraded Vascular Solutions VASC from Buy to Hold and announced a $17.00 price target. Benchmark commented, "We are downgrading Vascular Solutions to a Hold rating from a Buy rating based on valuation as VASC is trading close to our $17.00 price target. Our $17.00 price target represents 25 times our 2013 EPS estimate of $0.67. Our downgrade is purely based on valuation as we believe that VASC's core business remains strong and we remind investors that VASC has a strong balance sheet with cash of $11.5 million and no long-term debt." Vascular Solutions closed at $16.48 on Tuesday.