In a report published Wednesday, Canaccord Genuity analyst William J. Plovanic downgraded Solta Medical SLTM from Buy to Hold, and lowered the price target from $3.50 to $2.50.
In the report, Canaccord Genuity noted, “We are lowering our rating to HOLD from Buy. While Q2/13 was mixed, a CEO change and lowered guidance for 2013 sets up for a tumultuous six months. Given uncertainty surrounding the new CEO's strategy, we believe it wise to recommend investors wait until more clarity before adding to or taking new positions. That said, we believe Solta is a unique asset in the aesthetics vertical with a large footprint, several market leading brands, and a desirable recurring revenue disposable business model.”
Solta Medical closed on Tuesday at $2.51.
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