Jefferies Cuts Numbers on Accuray (ARAY) on Q2 Warning, But Keeps Buy Rating

January 4, 2013 10:56 AM EST Send to a Friend
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Price: $8.98 +3.10%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Jefferies cut it price target on Accuray (NASDAQ: ARAY) from $10 to $6.50, but kept a Buy rating following lower Q2 guidance.

The firm comments, "Accuray posted preliminary F2Q results well below expectations and drastically reduced its F13 guidance. The reset under new management was expected but the severity was a surprise. Valuation is set to move into distressed territory, unwarranted given that our thesis is delayed but intact."

The firm's Q2 EPS estimate goes down from ($0.18) to ($0.36) and FY13 from ($0.40) to ($0.95) and FY14 from $0.00 to ($0.11).

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

Shares of Accuray closed at $6.78 yesterday.

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