UPDATE: Benchmark Raises PT on Synergetics USA to $7 (SURG)

Benchmark is out with its report today on Synergetics USA SURG, raising its PT from $6 to $7.

In a note to clients, Benchmark writes, "We are raising our price target to $7.00 from $6.00 based on increasing our F2012 EPS forecast to $0.33 from $0.29, and increasing our valuation multiple to 22x from 20x based on increased F2012 visibility. Synergetics reported FQ2 results for the period ended January that included EPS of $0.05 and revenue of $13.3 million. This exceeded our consensus-matching forecast of $0.04 EPS and $13.0 million revenue. We increased our F2012 revenue estimate to $62.3 million from $60.3 million."

Benchmark maintains Buy on SURG.

Shares of SURG closed Thursday at $5.29, down 0.56% from Wednesday's close.