In a report published Tuesday, Taglich Brothers analyst Juan Noble reiterated a Buy rating on Novadaq Technologies (NASDAQ: NVDQ), but lowered the price target from $19.00 to $16.50.
In the report, Taglich Brothers noted, “Reiterating Buy but lowering (12-month) price target to $16.50 from $19.00 per share due to a diminished relative valuation. Robust sales growth in the years ahead should be driven by PINPOINT® and LUNA™ systems, and the adoption of SPY for new indications, offsetting diminished momentum in SPY sales gains by Novadaq's strategic partners. We reduced our 2014 revenue projection slightly to reflect 2Q14 results. During the first half of 2014, growth momentum shifted as PINPOINT and LUNA, both sold by a dedicated sales force, took the lead in driving revenue. Sales of strategic partners were down and could remain weak in the quarters ahead.”
Novadaq Technologies closed on Monday at $13.85.
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