Needham & Company Maintains a 'Buy' on Varian Medical (VAR); Mgmt Maintains Guidance Despite Disappointing Orders in N.A. Oncology
Tweet
Share
E-mailGet Alerts VAR Hot Sheet
Price: $177.07 --0%
Rating Summary:
7 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Needham & Company maintains a 'Buy' on Varian Medical (NYSE: VAR) price target of $84.00.
Needham analyst said, "Oncology system orders were $485 M for the quarter, up 6% Y/Y, and about $16 M short of consensus expectations and $20 M short of a double digit Y/Y growth rate. The shortfall was entirely attributable to North America, down 11% Y/Y, as all other geographies each grew at least in the high teens with a blended growth rate of 22%. Management attributed the North American weakness to order push-outs at 2-3 very large facilities, but they still expect that business to close in one to two quarters. We have seen this kind of order lumpiness in the past and it has always created a good buying opportunity in the shares. We believe that will be the case again."
For an analyst ratings summary and ratings history on Varian Medical click here. For more ratings news on Varian Medical click here.
Shares of Varian Medical closed at $69.24 yesterday.
Needham analyst said, "Oncology system orders were $485 M for the quarter, up 6% Y/Y, and about $16 M short of consensus expectations and $20 M short of a double digit Y/Y growth rate. The shortfall was entirely attributable to North America, down 11% Y/Y, as all other geographies each grew at least in the high teens with a blended growth rate of 22%. Management attributed the North American weakness to order push-outs at 2-3 very large facilities, but they still expect that business to close in one to two quarters. We have seen this kind of order lumpiness in the past and it has always created a good buying opportunity in the shares. We believe that will be the case again."
For an analyst ratings summary and ratings history on Varian Medical click here. For more ratings news on Varian Medical click here.
Shares of Varian Medical closed at $69.24 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Coherent (COHR) PT Raised to $420 at Needham
- York Space Systems (YSS) PT Lowered to $18 at Needham
- Coherent (COHR) PT Raised to $420 at Needham
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
