J.P. Morgan Neutral On Varian Medical Following Analyst Day (VSEA)

J.P. Morgan Chase & Co. has a Neutral rating and a $68.00 price target on shares of Varian Medical VSEA following the company's analyst day. In a note to investors, J.P. Morgan writes, "Varian Medical hosted its mid-year analyst day yesterday in New York, with management using the forum to highlight the multi-year growth opportunity in oncology, security, x-ray, and proton, as well as provide longer-term financial targets (>$4B in revenues by 2015, excluding tuck-in M&A, which is likely to focus on deals in the ~$300M range). With little to change the investment debate, our estimates and price target are unchanged, and we maintain our Neutral rating on shares, in light of current valuation (>20x calendar 2011)." Shares of VSEA closed at $61.36 yesterday.