In a report released today, Michael Petusky from Barrington maintained a Buy rating on Varian Medical Systems (NYSE: VAR), with a price target of $132. The company’s shares opened today at $111.
Petusky noted:
“We are maintaining our OUTPERFORM investment rating on VAR shares and are increasing our price target to $132 from our previous $129. We arrive at our price target by attaching a 17x multiple to our adjusted EBITDA estimate for FY/19. We assume $700 million in net cash 12 months from now.”
According to TipRanks.com, Petusky is a 4-star analyst with an average return of 12.5% and a 57.3% success rate. Petusky covers the Services sector, focusing on stocks such as US Physical Therapy, Tivity Health Inc, and BioScrip Inc.
Varian Medical Systems has an analyst consensus of Moderate Buy, with a price target consensus of $123.80, which is an 11.5% upside from current levels. In a report issued on October 9, Citigroup also maintained a Buy rating on the stock with a $127 price target.
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Varian Medical Systems’ market cap is currently $9.55B and has a P/E ratio of 84.21. The company has a Price to Book ratio of 6.38.
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Varian Medical Systems, Inc. engages in the manufacture of medical devices and software for treating cancer and other medical conditions. It operates through the Oncology Systems and Varian Particle Therapy segments.
