Piper Jaffray Maintains Overweight on Cutera (CUTR)

Piper Jaffray is out with its report today on Cutera CUTR, maintaining Overweight. In a note to clients, Piper Jaffray writes, "CUTR's miss on revenues drove a greater loss per share than expected. Inability to ship through Japan's customs due to the disaster was responsible for about $1M of the $2M miss. The remainder of the revenue "miss" (there had been no guidance) was from a slowdown in demand from European distributors and disruption in the North American sales force due to a strategic upgrade process. We expect Q1 was a low watermark for the year; with sales stability plus two new product launches, we continue to rate CUTR at Overweight with a $12/share price target." Shares of CUTR closed Monday at $8.88, up 0.45% from Friday's close.