UPDATE: Goldman Sachs Reduces PT to $16 on MAKO Surgical Following Common Stock Offering

Goldman Sachs reiterated its Neutral rating on MAKO Surgical

and reduced its price target from $17 to $16. Goldman Sachs noted, "On Wednesday, November 14, MAKO Surgical completed a common stock offering of 3.04mn shares at $13.15 per share. This compares to the November 13 closing price of $13.21. We note that shares of MAKO were down 9.1% on November 13 vs. the Russell 2000 down 0.6% ahead of the company's announced offering that was issued after the market close. We update our model for a higher share count as well as the cash inflow associated with the secondary share issuance (approximately $45mn). … The completed financing removes a risk, as the company should maintain a cash cushion." MAKO Surgical closed at $13.21 on Tuesday.