AtriCure (ATRC) Guidance Reset Should Be Positive Clearing Event - Piper Jaffray
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Piper Jaffray analyst Brooks West cut his price target on AtriCure Inc. (NASDAQ: ATRC) to $17.00 (from $22.00) following Q2 results, but maintained an Overweight rating saying guidance reset could be a positive clearing event.
West commented, "AtriCure reported 2Q16 revenues of $39.7M (+21.5% cc) vs. consensus of $39.8M and lowered FY16 revenue guidance from 25% to 20-22%. Management also backed off its long-term 18% growth bogey stating that while it was achievable it was comfortable with estimates in the “mid-teens” range. This removes one of the biggest concerns we hear from investors who want to own ATRC– both because the stock is significantly undervalued vs. peers with similar growth outlooks and for the potential acceleration in revenues in the 2019/2020 timeframe on a ramp in MIS procedures post the CONVERGE trial (making the company less reliant on concomitant open chest procedures). Management also announced that it had received FDA approval to double CONVERGE sites which we believe will accelerate enrollment and pull-forward approval timelines. We are lowering our forward estimates and encourage investors to take advantage of weakness to start positions. PT to $17 from $22."
Shares of AtriCure Inc. closed at $14.82 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Brooks West
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