Benchmark Lowers PT on Synergetics After Further Disappointment in F2Q

Benchmark analyst Raymond Myers lowered its price target from $7 to $4, while it maintained a buy rating, on Synergetics

after further disappointment in F2Q. In the report Benchmark said, "Following further disappointment in F2Q, Synergetics has transitioned to a value stock as we wait for confirmation of our long-term growth thesis. We substantially reduced our current year and F2014 forecasts in response to continued pressure in the legacy ophthalmic business and mixed OEM performance. Expanding Vitrectomy procedures and significant recent VersaVIT sales wins support longterm optimism; however, we anticipate this new business will be too small to meaningfully contribute until F20114." Synergetics closed on Wednesday at $3.59.