Needham & Company Downgrades Cardiovascular Systems (CSII) to Buy

Needham & Company downgraded Cardiovascular Systems (NASDAQ: CSII) from Strong Buy to Buy with a price target of $18.00 (from $37.00).

Analyst Mike Matson commented, "We are downgrading CSII to Buy from Strong Buy after last night's negative preannouncement. On one hand, we see few catalysts in the near term that could drive shares higher and we think there is a risk that shares could decline further into year-end given window-dressing and tax-loss selling. On the other hand, we believe CSII shares are undervalued, we remain believers in CSII's orbital atherectomy technology, and we see increased potential for a larger firm to acquire CSII given its depressed price. Considering these offsetting positives and negatives leads us to move to a 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 $16.63 yesterday.

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