Accuray downgraded to Hold from Buy at Jefferies

Jefferies analyst Young Li downgraded Accuray (ARAY) to Hold from Buy with a price target of 35c, down from $3.05. The firm cites the company’s fiscal Q3 miss and the withdrawing of its fiscal year guidance for the downgrade. This was driven by Middle East uncertainties that resulted in indefinite delays in shipments along with continued uncertainties in the China joint venture business, the analyst tells investors in a research note. Jefferies believes some of the issues facing the company are more structural in nature.