UPDATE: Piper Jaffray Lowers PT on Cyberonics to $35

Piper Jaffray is out with its report today on Cyberonics CYBX, lowering its PT from $38 to $35. In a note to clients, Piper Jaffray writes, "We are lowering our price target from $38 to $35 based on our lower CY12 EPS estimate of $1.28 plus the inherent value of the company's substantial NOLs. Our P/E multiple of 26x is unchanged." Piper Jaffray reiterates Overweight on CYBX. Shares of CYBX closed Thursday at $29.05, down 10.28% from Wednesday's close.