Canaccord Genuity Maintains a 'Hold' on Volcano Corp. (VOLC); Staying on Sidelines

August 3, 2012 10:20 AM EDT Send to a Friend
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Price: $10.83 +5.25%

Rating Summary:
    3 Buy, 14 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 17 | New: 37
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Canaccord Genuity maintains a 'Hold' on Volcano Corp. (NASDAQ: VOLC) price target of $28.00.

Analyst, Jason R. Mills, said, "VOLC missed consensus revenue estimates for the third straight quarter after >20 upside quarters since its IPO six years ago. VOLC also reduced its 2012 guidance owing to FX, Europe macro and Axsun Industrial sluggishness. Worldwide IVUS catheter growth was below expectations (+4% vs. 9%E), and management sees negative US PCI procedure trends continuing. Strong FM sales partially offset the IVUS miss, with growth up 38% vs. 34%E)."

"We lower our 2012E to $388M/$0.21 and 2013E to $443.5M/$0.45."

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

Shares of Volcano Corp. closed at $25.96 yesterday.

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