Citigroup Reiterates Neutral, $62 PT on Varian

Citigroup maintains its Neutral rating and $62 target on Varian Medical Systems (NYSE: VAR) as the company showcased its array of X-ray products at RSNA.

Citi comments, “The two key products highlighted at this year's conference were the M-1500 X-ray tube that has been designed to support 3D mammography through improved cooling, which allows for faster imaging and increased patient throughput. The second key product in our view is VAR's wireless flat panel detector. This product was on display at RSNA 2010 and again this year, and we expect the product will be ready for sale in the next year. The wireless capability will clearly improve ease of use as well as efficiency/throughput for its users.”

VAR closed at $62.23 per share on Wednesday.