Cardionet stock rises on upgrade
On April - 7 - 2010
Shares of CardioNet Inc., which have lost two-thirds of their value in the last year, advanced Tuesday after an analyst upgraded the heart device maker’s stock.
Matt Dolan of Roth Capital Partners said reimbursement rates for procedures using CardioNet’s wireless heart-monitoring devices should remain steady or increase after being slashed by 33 percent last year. That could give a significant boost to the company’s revenue, and patient volume growth is strong, he said. Dolan upgraded the stock to “Buy” from “Hold.”
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