Canaccord Genuity Maintains a 'Hold' on AngioDynamics (ANGO); LC Bead Exit Stymies Growth, but Still See Value
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Price: $15.82 -1.56%
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Hold' on AngioDynamics (NASDAQ: ANGO), PT $17.
Canaccord analyst, Jason R. Mills says, "The loss of the LC Bead product line (~13% of total revenue) clearly impacts the business negatively; given the division in which it resides (Oncology) was ANGO’s lone growth engine (+19% YTD in F2011/May). That said, we think the stock reflected investors’ anticipation of this event. We expect ANGO to use its strong balance sheet ($114M net cash), coupled with more focus on its other oncology products (e.g. NanoKnife) to mitigate the impact of this loss...We maintain our rating and PT, but would be constructive on weakness in the $13-15 range..."
For more ratings news on AngioDynamics click here and for the rating history of AngioDynamics click here.
Shares of AngioDynamics closed at $15.64 yesterday.
Canaccord analyst, Jason R. Mills says, "The loss of the LC Bead product line (~13% of total revenue) clearly impacts the business negatively; given the division in which it resides (Oncology) was ANGO’s lone growth engine (+19% YTD in F2011/May). That said, we think the stock reflected investors’ anticipation of this event. We expect ANGO to use its strong balance sheet ($114M net cash), coupled with more focus on its other oncology products (e.g. NanoKnife) to mitigate the impact of this loss...We maintain our rating and PT, but would be constructive on weakness in the $13-15 range..."
For more ratings news on AngioDynamics click here and for the rating history of AngioDynamics click here.
Shares of AngioDynamics closed at $15.64 yesterday.
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