Varian Medical Systems Receives Neutral Rating from Zacks (VAR)
Varian Medical Systems (NYSE:VAR)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Friday. They currently have a $88.00 target price on the stock. Zacks‘s price objective indicates a potential upside of 6.36% from the company’s current price.
Zacks’ analyst wrote, “Varian’s fiscal 2014-third quarter earnings per share of $1.08 met the Zacks Consensus Estimate. However, revenues of $747.7 million missed the Zacks Consensus Estimate by $18.3 million with a 3.0% rise. The company expects earnings in the range of $1.14 to $1.29 per share for the fourth quarter. Varian is well positioned to expand sales and order bookings through regular product upgrade cycles and further penetration in under-equipped international markets. But excise tax is adversely affecting margins. As such, we retain our Neutral recommendation on the stock with a target price of $88.00.”
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group reiterated a “buy” rating on shares of Varian Medical Systems in a research note on Thursday. They now have a $98.00 price target on the stock, up previously from $92.00. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Varian Medical Systems in a research note on Thursday. They now have a $95.00 price target on the stock, up previously from $85.00. Finally, analysts at ISI Group initiated coverage on shares of Varian Medical Systems in a research note on Monday, June 30th. They set a “neutral” rating and a $90.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $87.22.
Varian Medical Systems (NYSE:VAR) traded down 0.74% on Friday, hitting $82.74. The stock had a trading volume of 1,141,063 shares. Varian Medical Systems has a one year low of $70.10 and a one year high of $87.85. The stock’s 50-day moving average is $83.78 and its 200-day moving average is $82.46. The company has a market cap of $8.572 billion and a P/E ratio of 21.41.
Varian Medical Systems (NYSE:VAR) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by $0.01. The company had revenue of $747.70 million for the quarter, compared to the consensus estimate of $767.52 million. During the same quarter in the previous year, the company posted $1.03 earnings per share. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. Analysts expect that Varian Medical Systems will post $4.27 EPS for the current fiscal year.
Varian Medical Systems, Inc, is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.
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