Wedbush Downgrades AngioDynamics (ANGO) to Underperform; CEO Out, Q4 Results Fall Short, Slashing our 2012 Outlook
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Price: $15.75 -0.44%
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
8 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Wedbush downgraded AngioDynamics (NASDAQ: ANGO) from Neutral to Underperform. PT cut by $2 to $12.
Wedbush analyst said, "It is a very tough operating environment, and the outlook for ANGO’s performance has recently gotten a lot cloudier. With a management transition now underway, accelerated deterioration of the core business, the likelihood of a negative top-line comparison next year due to the loss of the LC Bead distribution agreement, and a lack of visibility on the timing of NanoKnife clinical milestones, we think ANGO will be “dead money” for at least the next year."
"We have cut our sales forecast by $14.9 million to $211.2 million. This would represent a decline of approximately 2.2% from the expected FY 2011 level. Our EPS estimate for FY 2012 comes down by $0.07 to $0.48, which would represent a sixth consecutive year of essentially flat EPS performance."
For more ratings news on AngioDynamics click here and for the rating history of AngioDynamics click here.
Shares of AngioDynamics closed at $14.57 yesterday.
Wedbush analyst said, "It is a very tough operating environment, and the outlook for ANGO’s performance has recently gotten a lot cloudier. With a management transition now underway, accelerated deterioration of the core business, the likelihood of a negative top-line comparison next year due to the loss of the LC Bead distribution agreement, and a lack of visibility on the timing of NanoKnife clinical milestones, we think ANGO will be “dead money” for at least the next year."
"We have cut our sales forecast by $14.9 million to $211.2 million. This would represent a decline of approximately 2.2% from the expected FY 2011 level. Our EPS estimate for FY 2012 comes down by $0.07 to $0.48, which would represent a sixth consecutive year of essentially flat EPS performance."
For more ratings news on AngioDynamics click here and for the rating history of AngioDynamics click here.
Shares of AngioDynamics closed at $14.57 yesterday.
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