UPDATE: Canaccord Raises PT to $19.50 on PhotoMedex on Solid Q412 Earnings Beat

Canaccord analyst William J. Plovanic published a report on PhotoMedex

that reiterated its Neutral rating and raised the price target from $18.50 to $19.50. Canaccord reported that, “We reiterate our BUY rating post the release of strong results relative to our and consensus expectations. Revenue results outperformed preannounced results and were paired with a very strong beat on EPS, demonstrating operating leverage capabilities of the business model. Additionally, growth initiatives including geographic expansion for consumer products and increased DTC for psoriasis treatment positions PhotoMedex for continued growth.” Shares of PhotoMedex closed at $15.89 on Wednesday.