Citi Maintains 'Buy' Rating on Spectranetics (SPNC)
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Citi maintains a 'Buy' rating on Spectranetics Corp (Nasdaq: SPNC). Price target $16.
Citi analyst says, "We are maintaining our Buy rating but realize that management needs to better explain the situation to investors on Friday (no conference call has been scheduled at this point) in order to instill some confidence back to the stock. With the stock trading at about 1.3x 2009E revenues, this would be an attractive entry point assuming a benign outcome, but at this point we still need to directly hear from management."
The Spectranetics Corporation develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system for use with Spectranetics' excimer laser system.
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