Piper Jaffray Raises Price Target on Spectranetics (SPNC) to $30 After Traveling with Management

August 18, 2016 7:43 AM EDT
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Price: $22.50 +2.74%

Rating Summary:
    10 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 45 | New: 20
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Piper Jaffray reiterated an Overweight rating on Spectranetics (NASDAQ: SPNC), and raised the price target to $30.00 (from $26.00), after traveling with management.

Analyst Brooks West commented, "We traveled with management yesterday, which provided another positive touch point in the wake of the recent presentation of Stellarex ILLUMENATE EU RCT data. Not surprisingly, we found investors most focused on Stellarex and the rapidly expanding DCB market – areas where management showed incremental confidence since our meetings at Charing Cross in April. While less of a focus, we also found the discussion of SPNC’s core business to be positive with management cautiously optimistic around continued improved execution from its expanded sales force, the pending EU launch of recently CE-Marked drug-coated AngioSculpt, the ongoing launch of the Bridge device in lead management, and the pending BTK Stellarex trial. We view current 2H16 Street estimates as conservative and continue to believe SPNC shares will work into US Pivotal data this fall as the only pure play on the high-growth DCB market. Reiterate OW, increasing PT to $30 from $26."

For an analyst ratings summary and ratings history on Spectranetics click here. For more ratings news on Spectranetics click here.

Shares of Spectranetics closed at $24.78 yesterday.

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