UPDATE: Benchmark Upgrades RTI Biologics from Hold to BUY

Benchmark has published a report on RTI Biologics (NASDAQ: RTIX) upgrading the company from Hold to Buy.

In the report, Benchmark wrote, "We are upgrading RTIX shares to Buy from Hold based on stronger then anticipated earnings and our view that Spine risks are abating. RTI's performance is remarkable in contrast with continued difficult Spine and Dental market trends. RTI reported Q2 EPS of $0.04, which exceeded our consensus-matching $0.03 forecast. Revenue of $43.5 million exceeded the $40.5 million consensus and our $40.9 million forecast. We increased our 2012 EPS forecast to $0.18, from $0.15, but our $0.12 current-year forecast is unchanged. We increased our price target to $4.00, from $3.00, based on shifting our valuation basis to 2012. We continue to employ a 20x EPS multiple and add net cash, which has increased to $0.64 per share."

Benchmark raises the rating for RTI Biologics from Hold to BUY with a price target of $4.00. RTI Biologics closed Thursday at $2.98.