Syneron Medical Ltd (ELOS)

[midastouch017]

Lehman Brothers raises forecasts for Syneron
11.8.2005 / 12:35
TheMarker

Lehman Brothers today repeated an Equal Weight rating for Syneron (TASE, Nasdaq:ELOS), after raising its forecasts for the company following its strong second-quarter financial statement.

For the year 2005, analyst Bob Hopkins expects the Israeli medical-laser technology company to report $1.39 earnings per share, up from $1.14 for 2004 and rising to $1.78 in 2006. Compared with his previous estimates, the change upward is about 25%.

His estimates remain below the Wall Street consensus, however.

For the year 2005, Hopkins now estimates Syneron will present $84.3 million in revenue, an increase of $4 million. For the year 2006, he's looking at $110.4 million in recommendation, up $4.7 million from his former projection. Much of the change is due to expected strong sales of the company's cellulite treatment device, Vela, especially from 2006.

Lehman's 12-month price target is $40, based on 23 times estimated 2006 earnings per share of $1.78, Hopkins writes.

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