UPDATE: Credit Suisse Upgrades Thoratec (THOR) to Outperform

(Updated - November 18, 2014 11:11 AM EST)

Credit Suisse upgraded Thoratec (NASDAQ: THOR) from Neutral to Outperform with a price target of $35.00 (from $27.00). Analyst Bruce Nudell said the upgrade was prompted by a number of factors.

"Most importantly, we believe that left ventricular assist device (LVAD) therapy remains in its relative infancy, and that with improvements in technology, medical management and patient selection, that the complication burden / rehospitalization rate will be significantly reduced, driving solid and sustained market growth (> 10%)," said Nudell.

"We were also heartened by management feedback regarding the early returns on Heartmate III (HMIII) and expect that FDA approval for full HMIII US IDE enrollment (2Q15) and 6 month CE Mark trial data (fall 2015) will provide important catalysts for the stock. Finally, we believe that the new CEO brings a more realistic perspective as to the state of the LVAD market, THOR technology and operational execution which should benefit shareholders. Our new price target of $35, represents an 3.3X EV/Sales (2015) which we feel undemanding if our assumptions are correct," he added.

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

Shares of Thoratec closed at $29.20 yesterday.

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