Needham & Company Starts Cardiovascular Systems (CSII) at Strong Buy

Needham & Company initiates coverage on Cardiovascular Systems (NASDAQ: CSII) with a Strong Buy rating and a price target of $47, saying the Diamondback is ready to swallow the coronary market.

Analyst Mike Matson commented, "CSII is gaining share in the underpenetrated $300M peripheral atherectomy market with its orbital atherectomy system, and we expect its FDA clearance for coronary use to further accelerate its atherectomy growth. We also expect CSII to begin to sell its products outside the U.S. during CY15 and expect this to be a growth driver starting in CY16. Given strong market growth, additional market share gains, the coronary clearance, and international expansion, we see potential for CSII's revenue growth to accelerate over the next few years. Given this, and a valuation that is at a discount to peers, we initiate coverage with a Strong Buy rating."

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

Shares of Cardiovascular Systems closed at $34.22 yesterday.

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