UPDATE: Canaccord Genuity Initiates Coverage on Novadaq Technologies with Buy Rating, $15 PT

In a report published Friday, Canaccord Genuity initiated coverage on Novadaq Technologies NVDQ with a Buy rating and $15.00 price target. Canaccord noted, “Novadaq possesses a unique technology that we believe could become a standard-of-care intra-operative imaging modality across multiple open and minimally-invasive surgical applications. We think the most appropriate relative comparisons to use to value NVDQ are other high-growth mid-tech companies whose technologies possess similar attributes - i.e., established or emerging standard of care, addresses nascent growth markets, and is improving outcomes for patients. What's more, we think NVDQ will supply more proof that its technology provides cost savings for the hospital, which is becoming increasingly important in today's healthcare environment.” Novadaq Technologies closed on Thursday at $11.46.