Buy Heartware (HTWR) on Weakness, Canaccord Genuity Says; PT to $106

Canaccord Genuity analyst Jason Mills trimmed his price target on Heartware Int'l (NASDAQ: HTWR) to $106.00 (from $110.00) but reiterated Buy rating saying the stock is set up well from here.

"We would be buyers of HTWR on weakness," Mills commented. "As a follow up to our note published last week, we are net bullish about the set up in the stock at current levels, considering 1) several encouraging takeaways we gleaned via discussions with clinicians during the ISHLT; 2) our view that the risk/reward spectrum is positive as it relates to a few important future events (ENDURANCE 2 outcomes & MVAD FIM), juxtaposed to what we believe is an attractive current valuation (3.5x EV/Sales), even relative to lower expectations for 2015-16, which drives a modest reduction to our target price from $110 to $106."

The firm cut FY 2015 EPS from ($2.24) to ($1.81).

For an analyst ratings summary and ratings history on Heartware Int'l click here. For more ratings news on Heartware Int'l click here.

Shares of Heartware Int'l closed at $80.41 yesterday.

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