[I’d like to give credit to the downgrading analyst, but the reason cited for the downgrade is pretty darn silly. The real reason to be bearish—aside from the procedure not working IMO—is that in 3Q06 docs who own a THRM device performed an average of 1.2 procedures per week (#msg-15342778). That’s not a typo!]
Thermage Shares Fall As Analyst Downgrades on Price, Short-Term Outlook
NEW YORK (AP) -- Shares of Thermage Inc. dipped Thursday after one analyst downgraded the medical device maker's stock on valuation and near-term revenue growth.
Thermage shares fell $1.14, or 14 percent, to $7.01 in morning trading on the Nasdaq and have traded between $5.54 and $8.25 since going public in November.
Needham & Co.'s Dalton Chandler lowered his rating to a "Hold" from a "Buy" because the stock closed Wednesday above his price target of $8. Chandler also said Thermage's revenue in its first quarter reporting as a public company was inline at $12.5 million, but sales of disposable tips used on equipment were less than expected, suggesting weaker revenue in the short term, but stronger revenue in the long term.[Whatever!]
Thermage went public on Nov. 10 at $7 per share. Since then, the stock has risen about 16 percent. The company makes equipment that uses radiofrequency energy to perform noninvasive skin tightening procedures for cosmetic purposes. <<
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