Piper Jaffray Upgrades AtriCure (ATRC) to Neutral; DoJ Resolution Clearly a Positive
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Piper Jaffray & Co. upgrades AtriCure, Inc. (Nasdaq: ATRC) from Underweight to Neutral. Price target increased from $4 to $5.25.
Piper analyst says, "With AtriCure agreeing to a tentative settlement with the Department of Justice regarding its investigation into off-label marketing of the company's surgical ablation products, a major overhang on the stock has been lifted. As such, we no longer think an Underweight rating is warranted...Our price target is based on AtriCure trading at roughly 1.3x (was 1.0x) our C10 sales estimate of $60.8MM. Our target multiple still represents a discount to AtriCure's small cap peers and reflects the execution risk associated the stock."
"Q3 Sales Slightly Ahead Of Our Thinking. AtriCure reported Q3 sales of $13.3MM, which was slightly ahead of our $13.1MM estimate. While the slight top-line beat is encouraging, sales were down 10% Y/Y. With comparisons starting to ease in Q4, we expect to see resumption of sales growth. However, growth in the underlying intra-operative ablation market has slowed, which could prove challenging. Loss per share in the quarter totaled ($0.06) compared to our estimate of ($0.13) due to tight cost controls."
To see more analyst ratings on ATRC Click Here.
AtriCure, Inc., a medical device company, engages in the development, manufacture, and sale of cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac tissue.
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