% | $
Quotes you view appear here for quick access.

Novadaq Technologies Inc. Message Board

  • biotuesday biotuesday Oct 23, 2013 2:16 PM Flag

    BioTuesdays: Canaccord ups Novadaq target to $22

    October 23, 2013 by leonardzehr · Leave a Comment

    Canaccord Genuity has raised its price target for “buy-rated” Novadaq Technologies (NASDAQ:NVDQ; TSX;NDQ) to $22 from $18 after the company’s third quarter report beat consensus estimates. The stock closed at $16.18 on Tuesday.

    “We continue to believe that Novadaq possesses one of the most attractive, emerging technologies in med-tech, and possesses the largest, least-penetrated collection of target addressable markets in our space,” writes analyst Jason Mills. “We recommend investors add positions at these levels.”

    Pointing to the company’s plans to increase its sales rep headcount from 42 reps currently to 150-to-160 over the next few years, Mr. Mills said that in his experience, such a robust sales force expansion can be a strong leading indicator of “glowing” growth in small-cap med tech land, and “we believe it signifies Novadaq’s level of confidence with its SPY growth opportunities.”

    He said Novadaq’s new “non-SPY” product development initiatives, including Trapper, surgical marker, and nerve and lymph node localization, “none of which are in our estimates, seem highly synergistic with its fluorescence imaging platform and could drive growth above our current estimates.”

10.60-0.17(-1.58%)Oct 26 4:00 PMEDT