Benchmark Downgrades CryoLife (CRY) to Hold
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Price: $6.28 -3.24%
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
1 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade CRY Now!
Benchmark downgraded CryoLife (NYSE: CRY) from Buy to Hold with a price target of $6.00 (from $7.50).
Analyst Raymond Myers said "We are lowering our rating to Hold following Q2 results as PerClot’s FDA clinical trial enrollment was delayed from mid-2012 to early 2013. We believe this shift is benefiting 2012 results through lower R&D expenditure, at the expense of 2013. We now forecast meaningful earnings expansion beginning in 2014. Our lowered $6.00 price target is 20x $0.37 EPS in 2014, discounted one year at 25%, plus $0.34 per share in cash."
For an analyst ratings summary and ratings history on CryoLife click here. For more ratings news on CryoLife click here.
Shares of CryoLife closed at $5.21 yesterday, with a 52 week range of $4.00-$6.02.
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Analyst Raymond Myers said "We are lowering our rating to Hold following Q2 results as PerClot’s FDA clinical trial enrollment was delayed from mid-2012 to early 2013. We believe this shift is benefiting 2012 results through lower R&D expenditure, at the expense of 2013. We now forecast meaningful earnings expansion beginning in 2014. Our lowered $6.00 price target is 20x $0.37 EPS in 2014, discounted one year at 25%, plus $0.34 per share in cash."
For an analyst ratings summary and ratings history on CryoLife click here. For more ratings news on CryoLife click here.
Shares of CryoLife closed at $5.21 yesterday, with a 52 week range of $4.00-$6.02.
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