Stifel analyst Mathew Blackman downgraded Cardiovascular Systems to Hold from Buy but raised his price target to $45 from $41, saying the rating change is "entirely valuation-based" and is not a reflection of a negative view about the company's expected Q4 of FY20 results. The analyst notes that the stock now trades at a multiple of 4.9-times enterprise value to his expected 2020 revenue, which is an 8% premium to its peer group average and near the high end of its 5-year forward multiple range. Blackman further contends that Cardiovascular Systems valuation now reflects the company's "unique combination of scale, attractive gross-margins, portfolio-breadth, and end-market growth."