Cardiovascular Systems (CSII) PT Lowered to $49 at Needham & Company

Needham & Company analyst Michael Matson lowered the price target on Cardiovascular Systems (NASDAQ: CSII) to $49.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "CSII filed an 8-K yesterday (9/22/21) indicating that its F1Q22 revenue is expected to see a >10% headwind relative to management's original expectations (F1Q22 growth down 5-6% sequentially) due to the impact of the COVID Delta variant. For now, management is not suspending or updating its FY22 guidance and is continuing to monitor and assess the situation. We have updated our model to reflect CSII's disclosures about F1Q22 and this has resulted in lower FY22 and FY23 estimates. Longer-term, we still expect CSII's revenue growth to return to the double-digits as procedure growth recovers and its peripheral support products gain momentum. We believe that CSII shares are undervalued at a 2022E EV/sales of just 3.7x and we reiterate our Buy rating."

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