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UPDATE: Oppenheimer Cuts PT to $13 on MAKO Surgical on Lower Procedural Guidance


Oppenheimer maintained MAKO Surgical (NASDAQ: MAKO) with a Perform rating and lowered the price target from $14.00 to $13.00.

Oppenheimer said, "4Q12 sales of $30.2M were no surprise as MAKO had pre-announced select operating metrics (including soft system placements and procedures) in January. 2013 guidance of 45-48 systems was in-line with our thinking, but light on the procedural side (13,500-14,500 vs our 15,372). Management noted it is hearing some "noise" on new competitive alternatives, but maintains it is not seeing any actual impact to business as a result. Procedure guidance for '13 looks reasonable to us. Visibility on the system guidance is lower, however, owing to competitor counter-detailing and the uncertain macro environment weighing on capex spending decisions. On our lowered '13E sales, our PT moves to $13 from $14."

MAKO Surgical closed at $11.00 on Tuesday.

Latest Ratings for MAKO

Oct 2013PiperJaffrayDowngradesOverweightNeutral
Sep 2013Summer StreetDowngradesBuyNeutral
Sep 2013William BlairDowngradesOutperformMarket Perform

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Posted-In: OppenheimerAnalyst Color Price Target Analyst Ratings

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