UPDATE: Benchmark Initiates Symmetry Medical with Hold, $10 PT on Transitioning Business Model

Benchmark initiates its coverage on Symmetry Medical

with a Hold rating and a price target of $10 per share. Benchmark notes, "We are initiating coverage of Symmetry Medical (SMA) with a Hold rating and a 12-month price target of $10.00. Our twelve month price target represents 17.5 times our 2013 adjusted EPS estimate of $0.58. … We believe that SMA's business model is in transition as the company moves from an Original Equipment Manufacturer (OEM) model to more of a proprietary model by going direct to the customer through their Symmetry Surgical direct model. In 2011, we estimate that SMA generated approximately $319 million (or 89% of total revenue from their OEM division." SMA closed at $8.61 on Wednesday.