Piper Jaffray Downgrades DynaVox (DVOX)

Piper Jaffray is downgrading shares of DynaVox, Inc.

to Neutral, and cut its price target to $18 from $20, after the company pre-released its September quarter. In the research report, Piper Jaffray writes, "DVOX pre-release for the Sept quarter offered no numbers, but indicated revenues lower than recent guidance. Continued weakness in school and international customers took the blame. We do not see a reduction in demand, but there has been a postponement in paying for speech generating devices. We are reducing estimates and price target, and we are lowering our rating to Neutral (relative to small cap medtech) to reflect the uncertainty in timing of a rebound in growth." Shares of DVOX are down 25% in pre-market trading after it reported the weaker than expected numbers.