UPDATE: Feltl and Company Reiterates Buy Rating, Lowers PT on Rochester Medical Corporation

In a report published Wednesday, Feltl and Company reiterated its Buy rating on Rochester Medical Corporation (NASDAQ: ROCM), but slightly lowered its price target from $13.00 to $12.50.

Feltl and Company noted, “ROCM reported 4Q12 revenue of $16.7 million that missed the Feltl and consensus estimate of $17.8 million. 4Q12 revenue increased 13%, or 16% on constant currency. International direct revenue benefited from orders that slipped out of 3Q12 into the current quarter. This however was more than offset by a greater FX drag than our model and persistent general economic weakness in Europe (excluding the U.K.), that continues pressuring revenue. EPS of $0.08 was inline with the Feltl and consensus estimate despite the lower than expected sales. We note ROCM exhibited strong cost controls driving operating margins to 10.1%, 120 bps greater than our estimate.”

Rochester Medical Corporation closed on Tuesday at $9.11.