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UPDATE: Canaccord Genuity Downgrades Volcano Corporation Following Disappointing Q3 Trends

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In a report published Tuesday, Canaccord Genuity analyst Jason R. Mills downgraded the rating on Volcano Corporation (NASDAQ: VOLC) from Buy to Hold, and lowered the price target from $26.00 to $24.00.

In the report, Canaccord Genuity noted, “Our upgrade of VOLC last quarter was predicated on the improving trends in the core IVUS business, FFR continuing as a long-term growth engine, and the potential material gross margin expansion. While Q3 results included pockets of good news, adverse trends predominated. While US IVUS rebounded modestly, driven by peripheral IVUS (+40% Y/Y), IVUS and FM results in Japan were very disconcerting to us (-19%, +8%, respectively), and portend share loss, in our estimation. Also, while we still expect significant gross margin expansion long term, it seems we may have to wait longer than expected.”

Volcano Corporation closed on Monday at $24.36.

Latest Ratings for VOLC

DateFirmActionFromTo
Dec 2014Roth CapitalDowngradesBuyNeutral
Dec 2014Credit SuisseDowngradesOutperformNeutral
Dec 2014PiperJaffrayDowngradesOverweightNeutral

View More Analyst Ratings for VOLC
View the Latest Analyst Ratings

 

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Posted-In: Canaccord Genuity Jason R. MillsAnalyst Color Downgrades Analyst Ratings

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