UPDATE: Benchmark Company Initiates Coverage on Varian Medical Systems with Buy Rating, $88 PT

In a report published Friday, Benchmark Company initiated coverage on Varian Medical Systems

with a Buy rating and $88.00 price target. Benchmark noted, “We are initiating coverage of Varian Medical Systems, Inc. (VAR) with a Buy rating and a 12-month price target of $88, or 20 times our fiscal 2014 EPS estimate of $4.42. Based on its historical range, we believe VAR should trade in a range of 15 to 20 times future earnings and, given its world-wide leadership in technology, its backlog, and installed base of customers, our target is based at the top of that range.” Varian Medical Systems closed on Thursday at $67.74.