UPDATE: Canaccord Lowers PT on STAAR Surgical from $14.00 to $10.50

Canaccord maintained a Buy rating on STAAR Surgical

and lowered its price target from $14.00 to $10.50. Canaccord noted, “After STAA's Q1 earnings release, we lowered our F2012 total revenue and ICL growth estimates slightly below guidance: +14.7% for total revenue vs. guidance of 15.0%, and +29.6% for ICL growth vs. guidance of 32%+. In hindsight, we should have lowered our estimates further, particularly as ICL and IOL growth had to average 34% and 10%+, respectively, for the balance of the year in order for STAA to achieve its F2012 guidance.” STAAR Surgical closed at $8.08 on Thursday.