UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Volcano Corporation on Updated Guidance

In a report published Friday, Jefferies reiterated its Buy rating on Volcano Corporation VOLC, but lowered its price target from $32.00 to $28.00. Jefferies noted, “Volcano's 4Q result had been preannounced, but guidance was updated and this was the focus. The company took its outlook down another notch and updated expenses for FX, two recent acquisitions, and the convert. Growth in the important Medical segment still looks like 13% in '13, but the Yen and higher costs are sapping earnings. Lots of questions on the outlook and Volcano's evolving strategy; for now we stay at Buy.” Volcano Corporation closed on Thursday at $24.67.