19.96%SPY 79.52 
5.39%XLF 9.68 3.09%
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NEW YORK - A Goldman Sachs analyst upgraded Spectranetics Corp. Tuesday, saying the stock will trade around its current price until more details emerge about government investigations into the medical device maker.
| SPNC | 2.49 |  0.34 |
Charles Chon raised his rating to "Neutral" from "Sell," noting the stock is trading around its lowest levels since 2004.
The analyst also trimmed his six-month share price target to $5 from $7.50, and said the situation around the company is "nebulous," with a class action lawsuit and several investigations ongoing.
In early September, the Food and Drug Administration and U.S. Immigration and Customs Enforcement served Spectranetics with search warrants, seeking details about an unnamed product and information about products made by foreign parties, among other details.
Since then, the Securities and Exchange Commission has made a request for information, and the Colorado Springs, Colo.-based company is also facing several class action lawsuits.
Shares of Spectranetics finished at $4.30 Monday.
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