UPDATE: Dougherty Lowers PT on Cyberonics to $36

Dougherty is out with its report today on Cyberonics (NASDAQ: CYBX), lowering its PT to $36.

In a note to clients, Dougherty writes, "Using 26x our fiscal 2013 estimate of $1.40 is how we arrive at our $36.00 price target. We see upside potential to our price target due to CYBX's superior free cash flow generation relative to peers."

Dougherty maintains Buy on CYBX.

Shares of CYBX closed Monday at $26.49.