Canaccord Genuity Recommends Adding to Positions in The Spectranetics Corporation

In a report published Friday, Canaccord Genuity analyst Jason R. Mills reiterated a Buy rating and $30.00 price target on

. In the report, Canaccord Genuity noted, “We recommend adding to positions in SPNC. To wit, the company had one more thing to be thankful for heading into Thanksgiving as CMS released its finalized 2014 fee schedule late Wednesday that did not include the payment cap on office-based lab (OBL) facility rates proposed by the agency circa mid-2013. Ergo, 2014 reimbursement rates for atherectomy procedures performed in OBLs will be virtually unchanged from 2013 levels. Recall that SPNC shares were pressured mid-year after publication of the proposed rule – in which CMS proposed a large reimbursement cut to atherectomy procedures performed in the office setting – even though our research at the time suggested the proposed cuts were unlikely to have an impact on SPNC or general PAD market growth. With reimbursement concerns in the rearview mirror for now, we continue to believe SPNC will grow its VI revenue above market rates. We reiterate our BUY rating and $30 price target.” The Spectranetics Corporation closed on Wednesday at $22.88.