UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on AngioDynamics on Lowered Revenues, Earnings Estimates

In a report published Friday, Piper Jaffray reiterated its Neutral rating on AngioDynamics ANGO, but slightly lowered its price target from $12.00 to $11.00. Piper Jaffray noted, “We are keeping our Neutral rating on ANGO after the pre-released Q3 (Feb). Revenues were unexpectedly low, with a myriad of contributors to the miss. Earnings will also miss with negative leverage. Our Neutral rating reflects a mid-point between our new slower growth assumptions and uncertainty in the timing of a turnaround, and the counterbalancing of the lower valuation that investors have quickly placed on ANGO shares. We are lowering our PT from $12 to $11 to reflect the slower growth, lower numbers, and uncertain timing.” AngioDynamics closed on Thursday at $11.00.