Susquehanna Financial Downgrades ArthroCare (ARTC) to Negative
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Susquehanna Financial downgrades ArthroCare Corp. (Nasdaq: ARTC) Neutral to Negative with a $32 price target, citing valuation after recent run up.
The firm said, "While the company has hired Goldman Sachs to explore strategic alternatives to enhance shareholder value, we believe the risk profile remains largely unchanged, and the stock has run up significantly post 1Q08 results. If 1) no buyer for ARTC steps up (given the overhangs and the heightened regulatory environment facing larger players, we believe that this remains likely); 2) more details emerge about the company's device billing practices (DiscoCare in spine and perhaps DRS in sports medicine as well); and/or 3) guidance is not met (either from spine sales continuing to taper off, or sports med reverting to a more secular growth rate), we think there is still downside to the stock."
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