UPDATE: Canaccord Genuity Reiterates Hold Rating, Lowers PT on AngioDynamics
In a report published Friday, Canaccord Genuity reiterated its Hold rating on AngioDynamics (NASDAQ: ANGO), 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.
Latest Ratings for ANGO
|Jul 2014||Raymond James||Maintains||Outperform|
|Jun 2014||Canaccord Genuity||Upgrades||Hold||Buy|
|Mar 2014||Raymond James||Upgrades||Market Perform||Outperform|
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