Needham & Company Upgrades Spectranetics (SPNC) to Strong Buy

Needham & Company upgraded Spectranetics (NASDAQ: SPNC) from Buy to Strong Buy with a price target of $24.00.

Analyst Mike Matson commented, "We are upgrading SPNC to Strong Buy from Buy since: 1) we believe that guidance is conservative and we expect SPNC to return to a "beat and raise" story, 2) we believe the hiring of a new CFO could be a positive catalyst, 3) we expect SPNC shares to move higher as we approach the Stellarex launch in 2017, 4) we note that members of management have been buying SPNC shares, and 5) we believe that SPNC shares now are significantly undervalued."

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

Shares of Spectranetics closed at $16.37 yesterday.

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