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Fly News Breaks for January 6, 2017
CYNO
Jan 6, 2017 | 11:20 EDT
As previously reported, Northcoast downgraded Cynosure to Sell from Buy and established a $40 price target. Analyst Ed Snyder said checks at more than 1,000 aesthetic practices indicate Cynosure is struggling to place new systems at the same pace as it had previously in North America and believes system placements have declined in November and December following a strong October. Snyder said SculpSure placements declined significantly in December, and will face difficult comps in 2017, raising concerns about the FY17 outlook. As a result, the analyst lowered his Q4 earnings forecast to 39c from 47c, and FY17 to $1.59 from $1.75.
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