Citi Downgrades Varian Medical (VAR) to Hold
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Citi downgrades Varian Medical (NYSE: VAR) from Buy to Hold. Price target $61.
Citi analyst says, "While Varian’s fundamentals remain intact, we are downgrading VAR to Hold (from Buy) based on a neutral stock risk/reward tradeoff. VAR is up 23% YTD (S&P 500 - 12%) and we believe the stock’s current 25x forward P/E adequately reflects: (1) a strong launch of RapidArc, (2) sustained 10% Oncology order growth, and (3) the lack of any slowdown in hospital capex purchases."
Varian Medical Systems, Inc., formerly Varian Associates, Inc., is engaged in designing, manufacturing, selling and servicing X-ray tubes for original equipment manufacturers (OEM); replacement X-ray tubes; flat panel digital image detectors for filmless X-rays used in medical, dental, veterinary, scientific and industrial applications; linear accelerators, image detectors, image processing software and image detection systems for security and inspection purposes; proton therapy systems for cancer treatment; and scientific instruments used in fundamental and applied physics research.
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