Taglich Brothers Reiterates “Buy” Rating for Novadaq Technologies (NVDQ)
Novadaq Technologies (NASDAQ:NVDQ)‘s stock had its “buy” rating reiterated by investment analysts at Taglich Brothers in a note issued to investors on Tuesday. They currently have a $16.50 price objective on the stock, down from their previous price objective of $19.00. Taglich Brothers’ price objective would suggest a potential upside of 19.13% from the stock’s previous close.
The analysts wrote, “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 (NASDAQ:NVDQ) traded down 0.29% during mid-day trading on Tuesday, hitting $13.81. 8,880 shares of the company’s stock traded hands. Novadaq Technologies has a 52 week low of $11.91 and a 52 week high of $24.09. The stock has a 50-day moving average of $16.06 and a 200-day moving average of $17.7. The company’s market cap is $766.1 million.
Novadaq Technologies (NASDAQ:NVDQ) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.11 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.07) by $0.18. The company had revenue of $11.20 million for the quarter, compared to the consensus estimate of $11.33 million. During the same quarter last year, the company posted ($0.05) earnings per share. Novadaq Technologies’s revenue was up 38.3% compared to the same quarter last year. On average, analysts predict that Novadaq Technologies will post $-0.25 earnings per share for the current fiscal year.
NVDQ has been the subject of a number of other recent research reports. Analysts at Stifel Nicolaus reiterated a “buy” rating on shares of Novadaq Technologies in a research note on Wednesday, August 6th. They now have a $19.00 price target on the stock, down previously from $20.00. Separately, analysts at RBC Capital cut their price target on shares of Novadaq Technologies from $18.00 to $17.00 in a research note on Wednesday, August 6th. Finally, analysts at Canaccord Genuity cut their price target on shares of Novadaq Technologies from $21.00 to $18.00 in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $15.86.
Novadaq Technologies Inc develops and commercializes medical imaging and therapeutic devices for use in the operating room.
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