Shares of Syneron Medical Ltd. climbed in premarket trading Thursday after an analyst upgraded the company, saying its shares are underpriced following its first-quarter results.
Merriman Curhan Ford analyst Jose J. Haresco raised his rating to "Buy" from "Neutral." He said he expects shares to trade between $22 and $26.
Shares rose 67 cents, or 4.3 percent, to $16.40 in premarket trading. The stock has ranged from $13.35 to $26.85 over the past year.
Israel-based Syneron, which makes laser devices for skin treatment, on Wednesday reported its first-quarter profit fell slightly but met Wall Street estimates.
Haresco said the company "managed to hold its ground in the U.S. market" in the first quarter, and was upbeat on its higher reported revenue growth.
He added its distribution capabilities make the company well poised to deliver growth for the rest of the year.
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