Zacks Investment Research Upgrades Syneron Medical Ltd. (ELOS) to “Buy”
Syneron Medical Ltd. (NASDAQ:ELOS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $8.00 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.36% from the stock’s current price.
According to Zacks, “Syneron Medical Ltd. manufactures and distributes medical aesthetic devices that are powered by the proprietary, patented ELOS combined-energy technology of Bi-Polar Radio Frequency and Light. The Company’s innovative ELOS technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications. “
A number of other equities analysts have also commented on ELOS. Brean Capital reissued a “buy” rating and set a $13.00 price target on shares of Syneron Medical in a research note on Monday, August 8th. Leerink Swann lowered Syneron Medical from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $9.40 to $7.80 in a research note on Friday, August 5th.
Shares of Syneron Medical (NASDAQ:ELOS) opened at 7.12 on Tuesday. Syneron Medical has a 52-week low of $6.10 and a 52-week high of $8.47. The company’s market capitalization is $251.16 million. The company’s 50 day moving average price is $6.82 and its 200 day moving average price is $7.06.
Syneron Medical (NASDAQ:ELOS) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. Syneron Medical had a positive return on equity of 2.88% and a negative net margin of 1.42%. The company earned $75 million during the quarter, compared to analyst estimates of $75.72 million. During the same period in the prior year, the company earned $0.07 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. On average, analysts predict that Syneron Medical will post $0.27 EPS for the current year.
A number of large investors have recently modified their holdings of the stock. Marshall Wace LLP bought a new stake in shares of Syneron Medical during the second quarter worth about $1,473,000. State Street Corp increased its stake in shares of Syneron Medical by 112.1% in the second quarter. State Street Corp now owns 46,038 shares of the company’s stock worth $354,000 after buying an additional 24,337 shares during the period. Menora Mivtachim Holdings LTD. bought a new stake in shares of Syneron Medical during the second quarter worth about $3,798,000. Brandes Investment Partners LP increased its stake in shares of Syneron Medical by 8.5% in the second quarter. Brandes Investment Partners LP now owns 2,723,535 shares of the company’s stock worth $20,944,000 after buying an additional 214,089 shares during the period. Finally, Royce & Associates LP increased its stake in shares of Syneron Medical by 10.5% in the second quarter. Royce & Associates LP now owns 788,159 shares of the company’s stock worth $6,061,000 after buying an additional 75,000 shares during the period. Institutional investors and hedge funds own 72.44% of the company’s stock.
Syneron Medical Company Profile
Syneron Medical Ltd. is engaged in the manufacture, research, development, marketing and sale of equipment for the aesthetic medical industry and systems for dermatologists, plastic surgeons and other qualified practitioners. The Company designs, develops and markets aesthetic medical products based on its various technologies, including Electro-Optical Synergy (ELOS) technology, which uses the synergy between electrical energy, including radiofrequency (RF) energy, and optical energy to provide aesthetic medical treatments.
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