Staar Surgical price target lowered to $78 from $83 at Needham

Needham lowered the firm’s price target on Staar Surgical to $78 from $83 but keeps a Buy rating on the shares after its Q4 results. The analyst notes that the company’s China business saw a $5M impact from COVID in Q4, but its management also noted signs of recovery and is confident the market can normalize by the peak summer season. While the launch of EVO in the U.S. requires greater investments that are expected to result in margin contraction through Q2, Staar Surgical should see margin expansion beginning in Q3 of this year, the firm tells investors in a research note.