Jefferies Reiterates a 'Buy' on Cyberonics (CYBX); Depression Would Effectively Double the Addressable Market for VNS

July 16, 2012 10:01 AM EDT Send to a Friend
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Price: $52.50 +3.49%

Rating Summary:
    10 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 4
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Jefferies reiterates a 'Buy' on Cyberonics (NASDAQ: CYBX) price target of $58.00 (from $43.00).

Analyst, Raj Denhoy, said, "Depression has grown large enough on the horizon for its consideration in the value of Cyberonics. In the five years since CMS first killed it with a noncoverage decision, the company has amassed a considerable body of support for the therapy. However reversing coverage policy is not easy and we assign a 50% probability to a positive outcome. Even with the discount, depression is worth $15 a share and we are raising our PT."

FY14 EPS estimate raised from $1.88 to $1.96.

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

Shares of Cyberonics closed at $43.50 yesterday.


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