Lehman Brothers this week issued an Equal Weight rating for  Syneron Medical (TASE, Nasdaq: ELOS), though noting that its deal with Procter & Gamble, announced beforehand, is quite the growth driver.

The relationship could add an incremental $100 million to $300 million to Syneron's sales beyond 2009, suggests analyst Bob Hopkins.

Hopkins has the feeling that the market is completely missing the point on Syneron. Barring a collapse of the market for cosmetic lasers, or a management implosion, he sees it "could be a strong stock from current levels".

But fort the time being, he prefers to hunker down in neutral position.

The research update follows the company's fourth-quarter results and the agreement announced with P&G.

Hopkins tweaked his forecasts for the company upwards. For the year 2007 he sees sales of $134 million and earnings of $1.75 per share, rising to $155 million sales and earnings per share of $2.05 per share in 2008. However, he lowered his margin estimates a little. His 12-month price target remains $28.