Needham Keeps Their Buy Rating on Staar Surgical (STAA)

Needham analyst David Saxon reiterated a Buy rating on Staar Surgical (STAAResearch Report) today and set a price target of $83.00. The company’s shares closed yesterday at $72.60.

According to TipRanks, Saxon is an analyst with an average return of -7.2% and a 34.29% success rate. Saxon covers the Healthcare sector, focusing on stocks such as Alcon, Staar Surgical, and NuVasive.

Currently, the analyst consensus on Staar Surgical is a Strong Buy with an average price target of $78.00, a 7.44% upside from current levels. In a report released on January 20, Canaccord Genuity also maintained a Buy rating on the stock with a $79.00 price target.

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Based on Staar Surgical’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $76.05 million and a net profit of $10.26 million. In comparison, last year the company earned a revenue of $58.35 million and had a net profit of $6.02 million

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of STAA in relation to earlier this year.

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STAAR Surgical Co. engages in the development, manufacture, production, marketing, and sale of implantable lenses for the eye and delivery systems used to deliver the lenses into the eye. It specializes in refractive and cataract solutions. Its products include intraocular lens and implantable collamer lens. The company was founded in 1982 and is headquartered in Lake Forest, CA.

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