UPDATE: Piper Jaffray Cuts PT to $23 on MAKO Surgical on Volatility

Piper Jaffray reiterated its Overweight rating on MAKO Surgical MAKO and lowered the price target from $28.00 to $23.00. Piper Jaffray said, “Our revised estimates and price target should position the stock to perform, in the wake of what has been a very volatile 12-month period for MAKO. While our new estimates and target are reduced (robot sales up 14%, implant sales up 40%, total revenues up 30%, $23 down from $28), the numbers strike a compelling growth profile by any standard and we believe there remains potential for upside revisions. MAKO clearly remains a “show-me” stock, and management must position 2013 outlook balancing growth and conservatism, and importantly, meeting or beating numbers for a quarter or two.” MAKO Surgical closed at $12.22 on Friday.