AngioDynamics (NASDAQ:ANGO) Growth in PV, Access Businesses Uncertain

While Canaccord believes AngioDynamics (NASDAQ:ANGO) has the ability to continue generating solid cash flow and earnings, they are concerned about the uncertainty connected to their PV and Access businesses.

Canaccord said, "FQ2/11 (Nov) results showed continued challenges on the top line, but earnings results beat expectations owing to solid GM improvements, OpEx control and lower tax rate. We increase our target to $17 (30x C2011 EPS) from $15, and are incrementally more optimistic about ANGO’s ability to continue to deliver solid earnings and cash flow results. However, we maintain our HOLD rating as reacceleration of growth in the PV and Access businesses remains uncertain in the wake of a reorganized sales force."

Canaccord Genuity maintains a "Hold" rating on AngioDynamics, which closed Wednesday at $16.10, gaining $0.71, or 4.61 percent. Canaccord raised their price target on them to $17.