J.P. Morgan Raises PT To $68 On VAR

J.P. Morgan, following a strong F2Q11, is raising its price target on Varian Medical VAR from $65 to $68. Says J.P. Morgan, in the report, “Varian reported a better than expected orders quarter and beat both our and consensus EPS estimate by $0.01. TrueBeam orders accelerated from F1Q, a positive in contrast to the sequential slowdown seen last quarter, while the Japan impact to revenues and supply chain appears manageable. So all in, a good quarter, with management maintaining full-year guidance, which we feel remains conservative, and notably calls for a sequential deceleration in earnings growth in light of more difficult comps.” J.P. Morgan keeps its Neutral rating on VAR. VAR closed at $71.43 yesterday.