UPDATE: Ascendiant Capital Markets Downgrades PhotoMedex Following Completion Of LCA Vision Acquisition
In a report published Thursday, Ascendiant Capital Markets analyst Keay Nakae downgraded the rating on PhotoMedex (NASDAQ: PHMD) 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.
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