Needham & Company Downgrades Spectranetics (SPNC) to Buy
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Needham & Company downgraded Spectranetics (NASDAQ: SPNC) from Strong Buy to Buy with a price target of $27.00 on valuation.
Analyst Mike Matson commented, "We hosted SPNC's CEO, Scott Drake, and COO, Shar Matin, for investor meetings last week. Management was upbeat about Stellarex's ability to take share in the drug-coated balloon (DCB) market and SPNC's ability to sustain strong growth in the base Vascular Intervention business and we come away feeling more positive about the prospects for both. However, we downgrade SPNC to Buy from Strong Buy given its valuation."
Shares of Spectranetics closed at $24.01 yesterday.
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