UPDATE: Bank of America Raises Tornier's PT

According to a research report published today, Bank of America has increased Tornier N.V.'s TRNX from $22 to $28 based on the hope that TRNX will maintain strong revenue growth/improved profitability. “Our $28 PO is based on 3.6X our new 2012E ev/sales, which would put TRNX's valuation more in line with other small cap growth names such as VOLC and THOR. In our view the outlook for TRNX is similar to those companies. TRNX has much work to do to improve profitability, but as long as top line continues to grow as it has been we see a clear pathway to higher profits for TRNX,” Bank of America said in the report. Bank of America maintains its Buy rating on Tornier, which closed yesterday at $24.43.