Zacks Investment Research downgraded shares of Icad Inc (ICAD) from OUTPERFORM to NEUTRAL on October 30, 2013, with a target price of $9.25.
Revenue is up 17% and operating expenses down 6% through first 9 months of 2013. Therapy growth coming from strong demand in non-melanoma skin cancer and improved reimbursement for IORT breast. The Detection segment looks promising to return to long-term growth aided by iCAD's recent strategy shift towards a greater reliance on recurring revenue, services and a conventional software business model, new product launches, and a recently announced development agreement with Invivo (part of Philips Healthcare). This coupled with a stringent focus on cost control looks like it is marking an important inflection point for iCAD. We remain highly positive on ICAD and management's ability to continue to grow the top and bottom lines. Our rec has moved to Neutral based on valuation and a recent nice run up in the stock price. Our price target is $9.25/share.
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