Imaging-tech provider Pro Medicus had a strong FY26 and expressed optimism about the future, but the stock doesn't look cheap to Jefferies. Pro Medicus has signaled increasing levels of wholesale adoption of its Cloud product. It also sees customers opting for all three core products--Viewer, Archive and Worklist--with its cardiology module. "We acknowledge the proven quality of the business, but note that at a share price of circa A$200.00, our analysis suggests the market is assuming Pre Medicus will have a market share of the U.S. PACS-only market of circa 38% by FY35," analyst David Stanton says. That looks aggressive, he adds. Jefferies retains a hold call on Pro Medicus and raises its price target by 4.3% to A$196.40/share. Pro Medicus ended Tuesday at A$196.75.