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Canaccord Genuity Updates Buy Recommendation on TearLab Corporation - Video Posted on InvestmentPitch.com
Monday, May 27, 2013
Canaccord Genuity Updates Buy Recommendation on TearLab Corporation - Video Posted on InvestmentPitch.com11:12 EDT Monday, May 27, 2013
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2013) - Investment firm Canaccord Genuity has updated its buy recommendation on TearLab Corporation (NASDAQ: TEAR) (TSX: TLB). Analyst Jeffrey Frelick gives the company a buy rating and raised the one-year price target from US$10.00 to US$14.00, a 46% premium to the US$9.56 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" about TearLab based on this research report. If this link is not enabled, please visit www.InvestmentPitch.com and enter "TearLab" in the search box.
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TearLab has commercialized a proprietary tear testing platform, the TearLab Osmolarity System, that enables eye care practitioners to test for highly sensitive and specific biomarkers using nanoliters of tear film at the point of care. Their first product measures tear film osmolarity for the diagnosis of dry eye disease.
Experts anticipate that dry Eye Syndrome will be the most prevalent eye disorder the Baby Boomer generation faces in the future.
Canaccord recently conducted interviews of TearLab users and found high levels of satisfaction from its customers.
As a result, analyst Jeffrey Frelick stated, "We gained comfort with our near-term assumptions and increased our instrument placements and utilization rates in 2015, resulting in raising our revenue expectations to $70 million from $65 million."
The shares are currently trading at US$10.00, and with 29 million shares outstanding, the company is capitalized at US$290 million. As stated earlier, this US$10.00 price is well below Canaccord Genuity's target price of US$14.00.
Canaccord cautions that investment risks would include lag time for CIJA waiver certificates, slow uptake by physicians, reimbursement risk, and other medical technology risks.
For more information about Canaccord Genuity or to obtain a copy of their research report, contact your nearest Canaccord Genuity office. Their branches are listed on their website at www.canaccord.com .
InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports.
Barry Morgan, CFO