Accuray

ARAY · NASDAQ

$0.142−$0.001 (−0.70%)TodayMarket closed · Oct 20, 6:25 PM ET

Prev close $0.143

ARAY analyst rating

HoldConsensus of 2 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold2
Underperform0
Sell0

12-month price target · 3 analysts

Average $0.357 (+151.4% upside)

Low: $0.3535
Now: $0.142
High: $0.3675

Upgrades and downgrades

The latest rating actions, newest first

ARAY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jefferies	May 12, 2026	Downgrade	Buy → Hold	$3.50 → $0.35	43%
BTIG	May 7, 2026	Downgrade	Buy → Neutral	—	56%
BTIG	Feb 5, 2026	Maintains	Buy	$4.00 → $2.00	56%
BTIG	Nov 6, 2025	Maintains	Buy	$5.00 → $4.00	56%

The case for and against

Updated Oct 17, 2026

Bull case

Accuray is benefiting from a transformation plan that is expected to improve operating profitability by about $25M on an annualized basis, signaling a meaningful step-change in earnings power. The company already recognized $10M in cost and margin improvements through F3Q and reiterated roughly $12M of expected benefits for FY26, suggesting execution is progressing as planned despite $6.5M in F3Q restructuring charges. With restructuring costs expected to decline sequentially and all transformation initiatives targeted for completion by the end of FY26, the setup supports better margins, stronger cash generation, and a more resilient operating profile.

Bear case

Accuray is facing a deteriorating fundamental setup as geopolitical uncertainty in the Middle East and continued headwinds in China are delaying shipments indefinitely, disrupting both Product and Service revenue and forcing management to withdraw its FY2026 guide. F3Q revenue fell 7% y/y to $104.8M, product revenue missed expectations at $49.7M, gross orders slipped to $48.5M for only a 1.0x book-to-bill, and adj. EBITDA of $3.8M again came in below consensus, underscoring weak commercial execution. Even with cost cuts and a below-1x NTM EV/Sales valuation, declining revenue, lower gross margins, and limited visibility on profitability suggest the stock remains vulnerable despite the depressed multiple.

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