UPDATE: Piper Jaffray Lowers Tornier's PT

According to a research report published this morning, Piper Jaffray has decreased Tornier N.V.'s TRNX PT from $26 to $24. In the report, Piper Jaffray said, "In-line revenues were offset by a shortfall in EPS driven by a higher tax rate and a reduction in top line and EBITDA guidance for the rest of the year, triggered by changes in U.S. distribution. The market has been fairly unforgiving of any shortfall or change in outlook, and quickly priced in the guidance change, as well as additional discounts for general concerns regarding the company's end markets and management's ability to deliver on its long-term commitments to margin expansion. Given that the majority of the reduction in outlook for revenues and adjusted EBITDA margins was driven by transitory changes in distributors in the U.S., we see growth and margins improving in 2H12 and beyond, aided by new products, new geographies and improving U.S. utilization trends." Piper Jaffray maintains its Overweight rating on Tornier, which closed Friday at $20.98.