UPDATE: J.P. Morgan Raising Price Target on Mako Surgical

J.P. Morgan Chase & Co. is out with a research report on Mako Surgical

and it is raising its price target to $37 from $28, but is keeping its Neutral rating after it reported earnings. In a note to clients, J.P. Morgan Chase & Co. writes, "Mako reported 3Q results Wednesday night, with sales of $20.0M topping Street consensus by $600k. Mako sold a total of 11 systems in the quarter, which was one system light of both our estimate and Street consensus. The company reported a net loss of $0.24/share, which was $0.02 below the Street as well as our forecast. Despite underwhelming 3Q results, key updates including: (1) two systems placed at HSS; and (2) a faster trajectory of hip upgrades should give investors increased confidence around Mako's 2012 outlook heading into year-end." Shares of MAKO lost $2.51 yesterday to close at $33.34, a loss of 7%.