UPDATE: Piper Jaffray Lowers MAKO Surgical's PT

According to a research report published this morning, Piper Jaffray has lowered MAKO Surgical's MAKO PT from $50 to $49. In the report, Piper Jaffray commented, "MAKO's shortfall on robots and implants was disappointing, only partially offset by upside to hips. While the 2-3 deals that didn't close in the quarter remain in the pipeline and may in fact have closed here in Q2, each system represents around $1 mil in revenues, hence the $3.3 mil miss to our estimate. As we have often published, we believe the stock heads into almost every quarter discounting some probability of a miss by 1-2 robots, but the 3 robot miss and cut to guidance will clearly drive additional volatility in the near-term. That said, we see no permanent damage as a result of the miss, and given early stages of the hip system product cycle, we see substantial upside for the stock." Piper Jaffray maintains its Overweight rating on MAKO, which is currently trading at $26.22.