UPDATE: Jefferies Upgrades Volcano to Buy

Jefferies raises its rating on Volcano

to Buy with an increased price target of $37 (previously $28) as the company's latest device appears to check the right boxes. Jefferies says, "We are upgrading shares of Volcano to Buy. Volcano is that rare story in medical devices that checks all the boxes: novel technologies that improve clinical outcomes and reduce costs. Given the multiple avenues of growth, guidance for 2012 as well as our 1Q targets look achievable." VOLC closed at $28.25 a share yesterday.