Solta Medical (NASDAQ:SLTM) was downgraded by equities research analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $2.50 price target on the stock, down from their previous price target of $3.50. Canaccord Genuity’s price objective suggests a potential downside of 0.40% from the company’s current price.
The analysts wrote, “We are lowering our rating to HOLD from Buy. While Q2/13 was mixed, a CEO change and lowered guidance for 2013 sets up for a tumultuous six months. Given uncertainty surrounding the new CEO’s strategy, we believe it wise to recommend investors wait until more clarity before adding to or taking new positions. That said, we believe Solta is a unique asset in the aesthetics vertical with a large footprint, several market leading brands, and a desirable recurring revenue disposable business model.”
Separately, analysts at Cantor Fitzgerald cut their price target on shares of Solta Medical from $4.00 to $3.50 in a research note to investors on Wednesday. They now have a “buy” rating on the stock.
Solta Medical (NASDAQ:SLTM) last released its earnings data on Tuesday, August 6th. The company reported $0.02 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.01) by $0.03. The company had revenue of $43.20 million for the quarter, compared to the consensus estimate of $45.97 million. During the same quarter last year, the company posted $0.04 earnings per share. Solta Medical’s revenue was up 15.8% compared to the same quarter last year. Analysts expect that Solta Medical will post $0.01 EPS for the current fiscal year.
Solta Medical, Inc designs, develops, manufactures and markets professional and consumer energy-based medical device systems for aesthetic applications.
