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UPDATE: JP Morgan Downgrades Accuray to Underweight on Negative Pre-Announcement

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JP Morgan reduced its rating on Accuray (NASDAQ: ARAY) from Neutral to Underweight and removed its previous $8 price target.

JP Morgan noted, "Accuray (ARAY) pre-announced F2Q13 results that fell dramatically short of J.P. Morgan and Street expectations, while the company significantly cut fiscal 2013 guidance and announced a restructuring plan. … in light of competitive pressures, multiple company-specific execution issues (manufacturing challenges with new products, disruption from sales force restructuring), and the prospect of share losses and cash burn for the foreseeable future, we are downgrading our rating to Underweight and withdrawing our price target."

Accuray closed at $6.78 on Thursday.

Latest Ratings for ARAY

DateFirmActionFromTo
Sep 2016Cowen & Co.Initiates Coverage onOutperform
Dec 2015RBC CapitalInitiates Coverage onSector Perform
Nov 2015CitigroupInitiates Coverage onSell

View More Analyst Ratings for ARAY
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Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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