UPDATE: Canaccord Genuity Reiterates Hold Rating, Lowers PT on AngioDynamics

In a report published Friday, Canaccord Genuity reiterated its Hold rating on AngioDynamics

, but slightly lowered its price target from $13.50 to $12.50. Canaccord Genuity noted, “FQ2 sales were in line, with strong OUS sales offsetting continued US weakness, exacerbated by Hurricane Sandy (~$500-700K). Better-than-expected cost synergies with the Navilyst integration offset a weaker-than-expected GM, leading to an EPS beat despite a higher share count. ANGO generated solid CFO of $11M in FQ2 vs. $2.7M a year ago. While there is evidence the business model is improving, given the status of integration programs and product pipeline, we think the stock could be more attractive in a few quarters' time. We maintain our HOLD rating and lower our target to $12.50 from $13.50.” AngioDynamics closed on Thursday at $11.18.