Piper Jaffray Upgrades ATS Medical (ATSI) to Overweight; Trims 2010 EPS Outlook
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Piper Jaffray & Co. upgrades ATS Medical, Inc. (Nasdaq: ATSI) from Neutral to Overweight.
Piper analyst says, "We are upgrading ATS Medical to Overweight given the company's growth prospects and current valuation. The stock currently trades at 2.1x our C10 sales estimate compared to 2.4x for a broader range of small cap med tech stocks. Given the company's top-line growth prospects (13% to 15%) and exciting new technologies in development, we think the company should trade at a premium.> We are raising our target C10 sales multiple from 2.9x to 3.4x given increasing visibility on its transcatheter valve program. As such we are raising our price target from $3.50 to $4.00.
"ATS is facing the high class problem of multiple growth opportunities (full 3f valve launch in the U.S., 2010 CE mark approval of Enable, transcatheter valves). To support the rollout of these products, ATS is stepping up its near-term investment spending and backing off its prior goal of profitability in Q4:09. While we are still anticipating positive net income in 2010, we are trimming our EPS outlook given higher spending. Given the company's near-term growth opportunities, we think the additional spending makes great strategic sense."
To see more analyst ratings on ATSI Click Here.
ATS Medical, Inc. engages in the development, manufacture, and marketing of medical devices for the treatment of structural heart diseases.
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