This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. However, an impressive consensus price target is not the only factor that indicates a potential upside in VRAY. And investors making investment decisions solely based on this tool would arguably do themselves a disservice. While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. The smaller the standard deviation, the greater the agreement among analysts. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates.
While the lowest estimate indicates an increase of 23.2% from the current price level, the most optimistic estimate points to a 76.1% upside. The average comprises seven short-term price targets ranging from a low of $7 to a high of $10, with a standard deviation of $1.21. Going by the price targets, the mean estimate of $7.86 indicates a potential upside of 38.4%. Shares of ViewRay (VRAY) have gained 6.6% over the past four weeks to close the last trading session at $5.68, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication.
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