Canaccord Says Buy the Dip in Cyberonics Following CMS Ruling, Cuts Price Target to $49

Canaccord Genuity reiterated Cyberonics, Inc.

with a Buy and lowered the price target from $59.00 to $49.00. Despite the lowered price target, the firm believes weakness in the stock following Tuesday evening's news the CMS declined request to reconsider determination will be short lived. Canaccord argues Cyberonics' fundamental business "remains intact." Canaccord suggested investors use the weakness to buy shares of Cyberonics. The stock is down 3 percent to $46.24 at last check.