Piper Jaffray Raises Price Target on Integra LifeSciences (IART) to $94; Reiterates Overweight
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Piper Jaffray reiterated an Overweight rating on Integra LifeSciences (NASDAQ: IART), and raised the price target to $94.00 (from $86.00), after hosting investor meetings with management.
Analyst Matt O'Brien commented, "Earlier this week, hosted investor meetings with IART’s CEO, Peter Arduini, and Global Head of Strategic Initiatives & IR, Angela Steinway. Despite the ~25% move higher in the name this year, we do not think investors have missed it as there is considerable revenue momentum in the business, led by the DFU rollout and total ankle replacement (though there are a number of other growth drivers). Beyond the top-line are considerable leverage points in the gross margin line, SG&A and tax rate, that collectively,should drive some of the best earnings power over a multi-year period. Consequently, we believe investors should purchase the stock at these levels. We reiterate our OW rating and are increasing our PT to $94 based on 24x 2017E EPS of $3.90 (up from 22x given our increased confidence in the margin improvement outlook)."
Shares of Integra LifeSciences closed at $85.31 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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