UPDATE: Cantor Fitzgerald Raises PT to $70 on Varian Medical Systems Following Meeting with Management
Cantor Fitzgerald reiterated its Hold rating on Varian Medical Systems (NYSE: VAR) but raised its price target from $63 to $70.
Cantor Fitzgerald said, "We hosted an investor meeting with Varian management at company headquarters as part of our Bay Area bus tour, and we note the following takeaways: 1) reimbursement is less of an overhang, but freestanding has not yet turned a corner; 2) EDGE represents a dedicated radiosurgery solution, but the early ramp should be gradual until the lung opportunity develops; and 3) margins are stable and improving. While macro concerns keep us on the sidelines (U.S. hospital capex, FX headwinds), we are raising our price target from $63 to $70 to give the company credit for its solid market leadership position."
Varian Medical Systems closed at $69.38 on Monday.
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