Canaccord analyst William Plovanic lowered the firm’s price target on Staar Surgical (STAA) to $22 from $30.75 and keeps a Hold rating on the shares. The firm updated its model after the company announced that it has entered into a cooperation agreement with its largest shareholder, Broadwood Partners. This follows last week’s news that the company’s shareholder vote on the Alcon acquisition officially failed, largely due to Broadwood’s activism. In light of this development, they are shifting their valuation framework back to its standalone fundamentals rather than the Alcon deal price.
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