Zacks Investment Research upgraded shares of Cyberonics, Inc. (CYBX) from NEUTRAL to OUTPERFORM on September 04, 2012, with a target price of $60.00.
Cyberonics reported a 40% year over year growth in adjusted EPS of 0.38 in the first quarter 2013, surpassing the Zacks Consensus Estimate of $0.36. Revenues increased 15% to $60.3 million, beating the Zacks Consensus Estimate of $58 million. The EPS upside was on the back of huge margin expansion coupled with 68.4% reduction in interest expenses. Moreover, robust demand for the redesigned AspireHC generator led to improvement in epilepsy revenues. Meanwhile, in order to expand its international base, Cyberonics is strengthening its pipeline as well as investing in sales and marketing especially in Europe and Japan. Based on the strong growth potential of the company in the neuromodulation space, we have upgraded the stock to Outperform.
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