UPDATE: Piper Jaffray Lowers PT on Cyberonics from $35 to $34

Piper Jaffray has published a research report on Cyberonics CYBX. In the report, Piper Jaffray wrote, "CYBX reported solid FQ1-12 results, with revenues (up 18%) and earnings (up 11%) higher than PJC and the Street. OUS issues identified earlier this year appear to be resolving with OUS growth of 22% Fx adjusted. Estimated new patient growth in the US of 6.2% was ahead of our expectations and the recall announced last week has not changed the growth outlook for 2012." Piper Jaffray rated Cyberonics an Overweight with a price target lowered from $35.00 to $34.00. Cyberonics closed Thursday at $26.31.