UPDATE: Taglich Brothers Raises PT to $13.25 on Novadaq Technologies on Valuation

Taglich Brothers reiterated its Buy rating on Novadaq Technologies

and increased its price target from $11 to $13.25. Taglich Brothers commented, "Reconstructive, cardiac and urological surgery markets have been penetrated to an extent that has made Novadaq cash flow positive. Novadaq aims to commercialize, on its own, the PINPOINT endoscopic imaging systems for minimally invasive surgeries. Substantial development costs for PINPOINT will continue to burn cash through next year. But fortified with $37 million in proceeds from a common stock offering, Novadaq is well prepared for expanded product development and penetration of additional large markets." Taglich Brothers closed at $9.11 on Wednesday.