Benchmark Downgrades CryoLife (CRY) to Hold

Benchmark downgraded CryoLife (NYSE: CRY) from Buy to Hold with a price target of $6.00 (from $7.50).

Analyst Raymond Myers said "We are lowering our rating to Hold following Q2 results as PerClot’s FDA clinical trial enrollment was delayed from mid-2012 to early 2013. We believe this shift is benefiting 2012 results through lower R&D expenditure, at the expense of 2013. We now forecast meaningful earnings expansion beginning in 2014. Our lowered $6.00 price target is 20x $0.37 EPS in 2014, discounted one year at 25%, plus $0.34 per share in cash."

For an analyst ratings summary and ratings history on CryoLife click here. For more ratings news on CryoLife click here.

Shares of CryoLife closed at $5.21 yesterday.

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