UPDATE: Wunderlich Securities Initiates Coverage on Cardiovascular Systems with Buy Rating, $24 PT on Positive Outlook

In a report published Friday, Wunderlich Securities analyst James Terwilliger initiated coverage on Cardiovascular Systems CSII with a Buy rating and $24.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Cardiovascular Systems, Inc. (CSII) with a Buy rating and a 12-month price target of $24.00, or 4.0x our fiscal 2015 revenue per share estimate of $6.08. CSII is a medical device company focused on minimally invasive treatments for vascular disease. CSII's initial focus is on the treatment of peripheral artery disease (PAD). CSII's products are catheter-based systems capable of treating a range of plaque types in leg arteries both above and below the knee. CSII intends to expand its catheter-based systems and move into the interventional coronary market. CSII has already sent its PMA application to the FDA to treat coronary artery disease. We assume regulatory approval and a coronary product launch in the U.S. in Q114.” Cardiovascular Systems closed on Thursday at $20.79.