UPDATE: Cantor Fitzgerald Raises PT to $60 on Sirona Dental Systems on Products, Margin Strength

Cantor Fitzgerald reiterated its Buy rating on Sirona Dental Systems

and increased its price target from $57 to $60. Cantor Fitzgerald noted, "With the recent launch of CEREC Omnicam, we highlight BUYrated Sirona as our top mid-cap medtech pick and raise our target from $57 to $60. While challenges exist (currency, Europe, near-term gross margin pressure), we view Omnicam as a game-changing technology that we believe will spark a new product cycle and drive broader adoption in this vastly under-penetrated market. Despite its recent strength (+23% since July 31 vs. +2% for the S&P), SIRO still trades at a slight discount to its peer group. With a market-leading new product and a likely return to positive operating leverage and double-digit EPS growth in 2013, we think a premium is warranted." Sirona Dental Systems closed at $53.13 on Wednesday.