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Stock analysts at Bank of America assumed coverage on shares of Cardiovascular Systems (NASDAQ:CSII) in a report issued on Monday, American Banking & Market News reports. The firm set a “buy” rating and a $38.00 price target on the stock. Bank of America’s price objective would suggest a potential upside of 38.33% from the stock’s previous close.

The analysts wrote, “We are initiating coverage on CSII, maker of a differentiated atherectomy system for arterial plaque removal, with a Buy rating and a $38 PO. CSII is the fastest growing company in the $250mm peripheral atherectomy market and has recently entered the roughly $75 coronary atherectomy market. “Both markets are underpenetrated in our view, and we believe CSII has the technology to expand both. Our PO assumes CSII can trade at a 5.0x CY2015E EV/sales multiple, (in-line to a slight premium to the peer group). We model 26% revenue CAGR for CSII over the next 3 years.”

Cardiovascular Systems (NASDAQ:CSII) traded up 0.15% on Monday, hitting $27.47. The stock had a trading volume of 314,049 shares. Cardiovascular Systems has a 52-week low of $17.31 and a 52-week high of $37.73. The stock has a 50-day moving average of $29.1 and a 200-day moving average of $31.68. The company’s market cap is $834.2 million.

Cardiovascular Systems (NASDAQ:CSII) last released its earnings data on Wednesday, April 30th. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.32). The company had revenue of $34.90 million for the quarter, compared to the consensus estimate of $34.15 million. Analysts expect that Cardiovascular Systems will post $-1.21 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Needham & Company LLC cut their price target on shares of Cardiovascular Systems from $47.00 to $37.00 in a research note on Thursday, May 1st. They now have a “strong-buy” rating on the stock. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $39.40.

Cardiovascular Systems, Inc (NASDAQ:CSII) is a medical device company.

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