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

In a report published Friday, Jefferies & Company reiterated its Buy rating on Accuray

, 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.