Soleil Securities Downgrades Varian Medical Systems (VAR) to Hold
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Soleil Securities downgrades Varian Medical Systems (NYSE: VAR) from Buy to Hold with a $35 price target, citing increasing risk from declining reimbursement rates.
The firm said, "With preliminary 2010 Medicare Physician Fee Schedule increasing the medical equipment utilization rate from 50% to 90%, we believe that some free-standing radiation oncology centers might balk at purchasing new equipment--in fact, we confirmed with management that ~25-30% of VAR's U.S. business is levered to free-standing centers."
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