Canaccord Genuity Maintains a 'Buy' on IMRIS (IMRS); Lowering Estimates and Price Target
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Price: $0.02 --0%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on IMRIS (NASDAQ: IMRS) price target cut from $7.00 to $5.25.
Canaccord analyst, Jason R. Mills, said, "We are lowering our estimates and our price target owing to what we see as the difficult current capital-equipment hospital spending environment. We are maintaining our rating, however, as we believe in the company's technology and value proposition to hospitals over the long term. Paradigm change takes a long time to transpire, but we believe image-guided surgery is going through such a change as we speak, and we believe IMRS will play an ever-increasing role in this paradigm change, not only in neurosurgery, but also in stroke management and eventually A-Fib ablation. We are also optimistic about the company's radiation therapy and robotics programs, although our new estimates are quite conservative at present."
"For Q3/11 we are reducing our sales/EPS estimates to $27.9M (+61% Y/Y)/($0.04) from $28.3M (+11% Y/Y)/($0.04). We now model Q3 bookings/revenue of four systems/$22.6M from five systems/$25.7M...For the full year 2011 we now model sales/EPS of $86.2M (+20% Y/Y)/($0.20) from $87M (+26% Y/Y)/($0.20). For 2012 we now model sales/EPS of $79.3M (-8% Y/Y)/($0.02) from $111M (+27% Y/Y)/$0.03. We are also lowering our bookings estimates for the full years 2011 and 2012 to $54.4M and 97.7M from $91.7M and $144.4, respectively."
For more ratings news on IMRIS click here and for the rating history of IMRIS click here.
Shares of IMRIS closed at $3.16 yesterday.
Canaccord analyst, Jason R. Mills, said, "We are lowering our estimates and our price target owing to what we see as the difficult current capital-equipment hospital spending environment. We are maintaining our rating, however, as we believe in the company's technology and value proposition to hospitals over the long term. Paradigm change takes a long time to transpire, but we believe image-guided surgery is going through such a change as we speak, and we believe IMRS will play an ever-increasing role in this paradigm change, not only in neurosurgery, but also in stroke management and eventually A-Fib ablation. We are also optimistic about the company's radiation therapy and robotics programs, although our new estimates are quite conservative at present."
"For Q3/11 we are reducing our sales/EPS estimates to $27.9M (+61% Y/Y)/($0.04) from $28.3M (+11% Y/Y)/($0.04). We now model Q3 bookings/revenue of four systems/$22.6M from five systems/$25.7M...For the full year 2011 we now model sales/EPS of $86.2M (+20% Y/Y)/($0.20) from $87M (+26% Y/Y)/($0.20). For 2012 we now model sales/EPS of $79.3M (-8% Y/Y)/($0.02) from $111M (+27% Y/Y)/$0.03. We are also lowering our bookings estimates for the full years 2011 and 2012 to $54.4M and 97.7M from $91.7M and $144.4, respectively."
For more ratings news on IMRIS click here and for the rating history of IMRIS click here.
Shares of IMRIS closed at $3.16 yesterday.
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