UPDATE: Ascendiant Capital Markets Downgrades PhotoMedex to Hold, Removes PT Following Completion of LCA Vision Acquisition

In a report published Thursday, Ascendiant Capital Markets analyst Keay Nakae downgraded the rating on

from Buy to Hold, and removed the $18.00 price target. In the report, Ascendiant Capital Markets noted, “The acquisition of LCA Vision has now been completed. The objective of this acquisition is to leverage LCA's 62 existing stand-alone LasikPlus centers, to perform Xtrac procedures. The Company will fund this $106.5 MM transaction through a new $85 MM senior secured credit facility ($75 MM to fund the acquisition and a $10 MM line of credit) and about $3 MM in net cash.” PhotoMedex closed on Wednesday at $12.27.