UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on Tornier N.V.

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Tornier N.V. TRNX, but lowered its price target from $28.00 to $23.00. BofA Merrill Lynch noted, “Our work suggests extremities will remain a high single digit to low double digit growth market for years to come, and that TRNX's strong pipeline, best in class management and uniquely focused model should allow TRNX to drive above market growth. We think TRNX will trade at a premium to small cap medtech over time as the company's gross margins benefit from a product and geographic mix shift and as management executes on leveraging their fixed cost base and G&A.” Tornier N.V. closed on Tuesday at $21.86.