UPDATE: Jefferies Lowers PT on Cyberonics to $33

Jefferies is out with its report today on Cyberonics CYBX, lowering its PT to $33 from $37. In its report, Jefferies writes, "Cyberonics posted an overall good F1Q, as the US growth softness that lingered from last quarter was offset by a rebound internationally, suggesting the European business may have turned. We continue to rate CYBX shares Buy. Our $33 PT ($37 previously) is based on 3.5x our FY2013 sales estimate, which is in line with where the peer group currently trades on a CY11 basis." Shares of CYBX closed Thursday at $26.31.