Stifel Nicolaus is out with its report today on Volcano (NASDAQ: VOLC), initiating VOLC at Hold.
In a note to clients, Stifel Nicolaus writes, "We are initiating coverage of Volcano with a Hold rating. Volcano offers imaging, visualization, and treatment tools that significantly enhance the operator's ability to diagnose and perform interventional vascular procedures. As the standard for clinical outcomes rises, especially in an increasingly vigilant payer/provider environment, Volcano can never be more relevant to the 3 million WW PCI procedure market."
Can't say that I like their timing, with the market looking so toppy. But with the relatively common standard of likely 20% appreciation in 18 months, it's hard to see why VOLC isn't a 'buy.' And they even said the reason: review boards are starting to ask for a justification for each individual stent.