UPDATE: Piper Jaffray Lowers PT on Orthofix International, Year Ended Up Despite Soft Sales

In a report published Monday, Piper Jaffray reiterated its Neutral rating on Orthofix International NV

, but lowered its price target from $47.00 to $43.00. Piper Jaffray noted, “Management ended the year with upside to margins on softer sales, in line with the company's pre-announcement in January. Looking forward into 2013, management framed out modest top line expectations and margin expansion, driven by continued solid performance in US spine and orthobiologics, offset by challenges facing the company's stim business lines and regional issues impacting growth in Europe and Latin America. Management has the potential to enhance this initial guidance of 1-3% through strategic investments and the launch of its new Trinity Elite stem-cell based orthobiologic. Absent improved visibility into these potential drivers, and the macro challenges impacting the company's OUS businesses, we remain Neutral on OFIX, trimming our target from $47 to $43.” Orthofix International NV closed on Friday at $36.95.