AngioDynamics (ANGO) PT Raised to $21 at Piper Jaffray Amid Strong Q2

Piper Jaffray analyst Thomas Gunderson reiterated an Overweight rating and boosted estimate and his price target on AngioDynamics (NASDAQ: ANGO) to $21.00 (from $17.00) following strong Q2 numbers.

Gunderson commented, "ANGO delivered a strong Q2 (Nov) relative to expectations with revenues of $92.1M (up 5%) and adjusted EPS of $0.17 (up 21%), both metrics at the top of the guidance range, and above ours and consensus estimates. We are starting to see light at the end of the tunnel as ANGO integrates its three 2012 acquisitions, reorganizes sales forces, manufacturing, and starts to re-accelerate new products and revenue growth. ANGO's growing pains and some surprise negative events (FDA compliance and evaluation issues, ERP integration hiccups, accounting corrections, etc) keep the valuation, in our opinion, from increasing even further; ANGO stock was up 10% last year compared to IHI (device ETF) which was up 23%. Overall, while progress is being made, consistency of performance has been tripped up intermittently."

The firm raised FY 2015 EPS from $0.68 to $0.69 and FY 2016 EPS from $0.71 to $0.77.

For an analyst ratings summary and ratings history on AngioDynamics click here. For more ratings news on AngioDynamics click here.

Shares of AngioDynamics closed at $19.19 yesterday.

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