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AG Edwards Upgrades Cyberonics to 'Buy'

AG Edwards upgraded Cyberonics (CYBX) to buy from hold.

On Friday the company posted a $0.32 fourth quarter loss on 64% higher sales. Analyst Jan David Wald says the loss beat his estimates on better than expected sales of the company's epilepsy treatment, and lower expenses. He notes the company's salesforce appears to have improved significantly since a year ago.

Wald also says the company guided to a $0.85 fiscal 2003 (April) loss, and $0.13 fiscal 2004 earnings per share, as well as $0.45 fiscal 2005 EPS, which reflects Cyberonic's newfound focus in epilepsy and its plan to limit R&D spending on depression.

He widened his $0.60 fiscal 2003 loss estimate to a $0.93 loss to include some depression-related spending (vs. none in his prior estimate). He sees $0.11 fiscal 2004 EPS and set a $17.50 target.

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