UPDATE: Canaccord Genuity Reiterates Hold Rating, Lowers PT on MAKO Surgical Corp. on Disappointing 4Q12

In a report published Wednesday, Canaccord Genuity reiterated its Hold rating on MAKO Surgical Corp. MAKO, and slightly lowered its price target from $13.00 to $12.00. Canaccord Genuity noted, “We maintain our HOLD rating. Q4/12 closed out a disappointing year with continued softness in overall system sales and domestic knee utilization rates. We believe disappointing box sales and slowing utilization, particularly on US knees, will continue to overshadow the commercialization of Hip 2.0 and the internally developed hip implant system. We believe MAKO will remain a show-me story until (if/when) the knee business turns around, which is not expected until Q2 at best.” MAKO Surgical Corp. closed on Tuesday at $11.00.