Leerink Partners Upgrades Cardiovascular Systems (CSII) to Outperform
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Leerink Partners upgraded Cardiovascular Systems (NASDAQ: CSII) from Market Perform to Outperform with a price target of $30.00 on solid growth potential and improving execution.
Analyst Danielle Antalffy commented, "We are upgrading CSII to OP with a $30 12-month price target. Now with two solid quarters in a row of stable-to-improving growth and a new CEO in place, we believe the company has reached a fundamental inflection point after several quarters of underperformance in light of sales force disruptions and poor execution. We have always believed that CSII is well-positioned to be a market leader in a peripheral atherectomy market growing sustainably in the high-single-digit range and a coronary atherectomy market growing even faster, given its competitive advantage in both calcified lesions and below the knee – both heavily underpenetrated markets within the space. Beyond the top line, CSII’s recent efforts to control cost – announcing a restructuring in March that includes an 8% reduction in the workforce – could push the company to profitability faster than we had previously expected. We now believe CSII can turn net income profitable by mid-to-late FY2018E – four quarters earlier than our prior late 2019E assumption. And the company seems poised to turn cash flow positive even sooner – in the current FY2017. This pathway to profitability can and should enable CSII to attract a broader investor base and attract new money to the name that can continue to support shares."
Shares of Cardiovascular Systems closed at $22.60 yesterday.
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