Needham & Company Cuts Price Target on AtriCure (ATRC) to $20; Reiterates Buy
- Amazon, health stocks weigh on S&P, Nasdaq; Chevron lifts Dow
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Needham & Company maintained a Buy rating on AtriCure Inc. (NASDAQ: ATRC), and cut the price target to $20.00 (from $23.00), following the company's 2Q earnings report. Revenue was reported at $39.7M, a slight beat to the consensus estimate of $39.8M. EPS was ($0.26), ahead of consensus of ($0.30). ATRC lowered its guidance for reported revenue growth to 20-22% from 25%.
Analyst Mike Matson commented, "ATRC's 2Q16 revenue met consensus while its EBITDA and EPS beat consensus. Management lowered its 2016 revenue guidance but maintained its EBITDA and EPS guidance. ATRC noted that the guidance reduction was driven by 1) disruption that resulted from back-filling the positions of several highperforming reps that were promoted into management positions and 2) distraction as reps focused on the new nContact products rather than the Open Ablation and AtriClip products. We believe that these issues are temporary and expect ATRC's revenue growth to improve with time. Additionally, we believe that skepticism about ATRC's ability to meet the revenue ramp implied by its prior guidance had been weighing on its shares. With this concern now off the table, we expect investors to revisit ATRC shares and we maintain our Buy rating."
Shares of AtriCure Inc. closed at $14.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Wex, Inc. (WEX) Following 3Q Report
- Leerink Partners Downgrades McKesson (MCK) to Market Perform
- Argus Downgrades Tractor Supply Company (TSCO) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!