Piper Jaffray Upgrades Cutera to Overweight (CUTR)

Piper Jaffray is out with its report today on Cutera CUTR, upgrading CUTR from Underweight to Overweight. In a note to clients, Piper Jaffray writes, "We are raising our rating for CUTR from UW to OW based on an early positive read on a new product that we think can re-start sales revenues and expand the low EV/Rev multiple. The Excel V is the latest new product from CUTR; it officially launches at the AAD meeting this weekend. In our independent physician discussions, we were surprised at the positive reviews of Excel V for treatments of spider veins and other vascular based skin problems. We are raising our revenues and earnings estimates and raising our PT to $12." At the time of posting, shares of CUTR were trading at $9.06, up 5.72% from Thursday's close.