UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Accuray

In a report published Friday, Jefferies & Company reiterated its Buy rating on Accuray (NASDAQ: ARAY), but lowered its price target from $10.00 to $6.50.

Jefferies noted, “Accuray posted preliminary F2Q results well below expectations and drastically reduced its F13 guidance. The reset under new management was expected but the severity was a surprise. Valuation is set to move into distressed territory, unwarranted given that our thesis is delayed but intact. Lowering estimates and PT but maintaining Buy.”

Accuray closed on Thursday at $6.78.

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