Roth Capital Cuts Tearlab Price Target To $5 To Reflect More Conservative Outlook
In a research report issued today, Roth Capital analyst Chris Lewis assigned a Buy rating on Tearlab (NASDAQ:TEAR) and reduced his price target to $5 (from $8).
Lewis explained, “We attended the American Academy of Ophthalmology (AAO) annual meeting and met with TEAR management, along with two other private companies (TearScience and RPS) focused on related dry eye disease technologies. Overall, we believe TEAR’s marketing message was well-received at AAO, but expect lingering headwinds over the remainder of 2014 could prevent TEAR from achieving its 2014 guidance. We have lowered our forward projections to reflect a more conservative outlook.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Lewis has a total average return of -6.8% and a 37.8% success rate. Lewis has a -40.8% average return when recommending TEAR, and is ranked #3161 out of 3337 analysts.