UPDATE: Credit Suisse Downgrades Volcano Corporation to Neutral, Lowers PT

In a report published Wednesday, Credit Suisse Group downgraded its rating on Volcano Corporation

from Outperform to Neutral, and lowered its price target from $32.00 to $27.00. Credit Suisse noted, “While we do not see achievement of the acquisition metrics outlined above as unreasonable by any means, our analysis suggests that VOLC will have to execute solidly on upcoming M&A in order to create shareholder value with the potential for further dilution if funds are spent on earlier stage/limited revenue assets. Thus, while we continue to see VOLC as a unique top-line growth story, we are moving to the sidelines pending further clarity on potential M&A activity.” Volcano Corporation closed on Tuesday at $24.26.