UPDATE: Loop Capital Starts Accuray (ARAY) at Buy, 'Finally a Good Set Up'

Loop Capital analyst Jason Wittes initiates coverage on Accuray (NASDAQ: ARAY) with a Buy rating and a price target of $7.50.

The analyst comments "Major China Opportunity: The company is looking to leverage its strong reputation in China, with the launch of a lower cost Type B product into the Chinese market with its JV partner CIRC this summer, which will have the advantage of being classified as a Chinese manufactured product. Approval expected at the end of the calendar year (early F2024). While the company dominates the higher end type A market with 85% market share, the Type B market represents 90% of sales (70% at the mid-higher end, which ARAY will target)."

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

Shares of Accuray closed at $4.72 yesterday.

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