UPDATE: Jefferies Lowers PT to $32 on ArthroCare

A report from Jefferies reiterates its Buy rating and lowers its price target from $36 to $32 on ArthroCare ARTC. The report states, “3Q a mixed bag: Sales of $83.3m were below consensus of $87.2mn, but the company is confident new product introductions provide the horsepower to stay the course, and keeps guidance intact at $365-370m. ArthroCare continues to make strides in profitability as adjusted op margins increased 230bp y/y." ARTC closed yesterday at $28.86.