Volcano posts a positive Q2, Canaccord ups the shares to Buy

Volcano (VOLC +9.8%) extends yesterday's post-session gains after the medical equipment manufacturer's Q2 report topped estimates.

The company affirms its FY13 EPS of 0.03 to $0.05, in-line with the Street view looking for $0.05.

Revenue is projected in a range of $394M to $400M, also bracketing consensus of $395.8M.

Canaccord ups the shares to Buy on the back of the report, saying that improving trends in its core IVUS business, plus easing Y/Y comps, strong margin expansion potential and several other catalysts on the horizon point to a more favorable risk/reward profile at current trading levels.

Shares are moving on nearly four times 30-day average volume.

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