UPDATE: Goldman Sachs Upgrades Varian Medical Systems to Neutral; Downside Less Evident Now
Goldman Sachs upgraded Varian Medical Systems (NYSE: VAR) from Sell to Neutral and raised the price target from $62.00 to $79.00.
Goldman Sachs commented, "We upgrade shares of Varian Medical Systems (VAR) to Neutral from Sell, as we see business fundamentals stabilizing and consensus estimates now look reasonable. Our Sell thesis on the stock has largely played out with annual Street numbers coming down 8%-10% since 2010. While Varian's core US/EU markets face pressure, the degree of that pressure looks to be abating (predominantly in the US). Near-term competitive dynamics also look more manageable. Given the rebasing of expectations, we see the risk/reward as more balanced."
Varian Medical Systems closed at $72.01 on Wednesday.
Latest Ratings for VAR
|Apr 2016||Brean Capital||Maintains||Buy|
|Jan 2016||Barrington Research||Assumes||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.