Zacks Investment Research upgraded shares of Symmetry Medical, Inc. (SMA) from NEUTRAL to OUTPERFORM on August 21, 2014, with a target price of $11.00.
We have upgraded our recommendation on Symmetry Medical to Outperform from Neutral. The company's 2014-second quarter earnings surged 50.0% to $0.15 and beat the Zacks Consensus Estimate by 33.3%. Revenues of $101.3 million rose 2.3% and also surpassed the mark. The company's decision to divest U.K. based Clamonta will benefit in the long-run but negatively affect 2014 earnings and revenues. The new high-margin Surgical business continues to face headwinds, but we believe that long-term prospects of this business are still intact. The recent decision to divest the OEM Solutions business is also expected to improve liquidity and enhance growth. We set a target of $11.00 on the stock.
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