Barclays ups Mazor Robotics price target 26%

Barclays Capital has raised its price target by 26% and revenue estimates for Mazor Robotics Ltd. (Nasdaq: MZOR; TASE:MZOR) and reaffirmed its "Overweight" recommendation for the developer of robotic navigation devices for spinal surgeries. Barclays analyst Matthew Taylor raised his target price for the share from $23 to $29, a 14% upside on Mazor's closing price of $25.34 on Nasdaq on Wednesday. The share price has risen 27% on Nasdaq since the beginning of the year.

Taylor cites Mazor's GPO agreement, the sale of seven Renaissance surgical systems during the fourth quarter of 2014, including three outside the US, above his predictions of four sales, compared with the sale of two systems in the preceding quarter.

"We expect that expansion of Mazor's commercial efforts, increasing awareness of robotics in spine, and a focus on equality of care (e.g. the Affordable Care Act in the US) to act as tailwinds over the next few years," Taylor says.

Taylor raised his 2015 revenue forecast for Mazor from $41 million to $45 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2014

Barclays ups Mazor Robotics price target 26%

"We expect expansion of Mazor's commercial efforts, increasing awareness of robotics in spine, and a focus on equality of care to act as tailwinds."