Biolase price target lowered to 40c from $2.50 at Benchmark

Benchmark lowered the firm’s price target on Biolase to 40c from $2.50 and keeps a Speculative Buy rating on the shares after updating the firm’s model for the recently completed financing. If Biolase can execute on its plans to become profitable, the shares should eventually trade closer to the comp group mean revenue multiple of two times, says the analyst, who notes that “even getting back to a 1.0x revenue multiple would imply a $1.80 price target.”