UPDATE: Jefferies Raises PT on Accuray Following Good F4Q Results

In a report published Wednesday, Jefferies analyst Raj Denhoy reiterated a Buy rating on

, and raised the price target from $6.50 to $8.00. In the report, Jefferies noted, “ARAY posted a good F4Q with a modest revenue beat, tighter expense controls, and another sequential uptick in bookings. Initial F14 guidance calls for continued order momentum albeit with a slightly higher opex run-rate. The continued bookings resurgence coupled with cost controls make the still distressed valuation increasingly unsustainable. We stay at Buy and PT goes to $8.” Accuray closed on Tuesday at $6.10.