Accuray Inc (ARAY)

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Ahead of the Bell: Accuray upgraded
Tuesday July 29, 8:42 am ET
Accuray upgraded ahead of new product debuts and test results for CyberKnife system

NEW YORK (AP) -- A Soleil Securities analyst upgraded shares of Accuray Inc. Tuesday, saying the radiosurgery device maker's stock should rise as it details new products and gives updates on clinical trials.

Junaid Husain said anticipation about Accuray's new products will lift the stock before the annual American Society of Therapeutic Radiology and Oncology meeting. ASTRO will hold its annual meeting in Boston from Sept. 21 to 25.

The analyst expects positive results from tests of Accuray's CyberKnife robotic surgery system in the treatment of prostate cancer.

Husain raised his rating to "Buy" from "Hold," increasing his price target to $11 per share from $9. Shares of the Sunnyvale, Calif., company closed at $7.74 Monday, and last traded at $11 on Feb. 28.

The analyst added that Accuray and its partner CyberHeart should begin testing a treatment for atrial fibrillation in November.