Oppenheimer Downgrading Stereotaxis

Oppenheimer & Co. is downgrading shares of Stereotaxis, Inc. STXS to Perform. In a note to clients, Oppenheimer & Co. writes, "We are lowering our rating on STXS to Perform from Outperform and removing our $5 price target. STXS reported a disappointing 2Q and rescinded guidance. STXS continues to struggle with Niobe system placements and believes the impact of the improved Epoch platform will take time. More importantly, the segment that had been performing well, Odyssey, slowed unexpectedly in 2Q. Over the past six months, STXS has taken steps to improve its business on a long-term basis with the addition of Siemens and JNJ as Odyssey distributors, and the development of Epoch. Also, the atrial fibrillation market remains solid. However, with uncertainty high and the path to improved performance now longer, we lower our rating." Shares of STXS closed at $2.85 yesterday.