Greatbatch (GB) Price Target Raised to $71 at KeyBanc

KeyBanc maintained an Overweight rating on Greatbatch, Inc. (NYSE: GB) and raised its price target to $71.00 (from $63.00). The change follows news the company plans to acquire Lake Region Medical. Analyst Matthew Mishan thinks the deal makes a lot of sense.

"There are now a lot of moving pieces, but a very positive story is emerging in which its core business is diversified and strengthened, while at the same time realizing some shareholder value with the proposed spin-off of Nuvectra," said Mishan.

"[The acquisition] diversifies GB further away from the Cardiac Rhythm Management (CRM) market and adds complementary verticals where there does not appear to be a major overlap. The incremental scale increases its relevance to its customers, and while it will likely take some time to de-lever and integrate, it can further consolidate a large fragmented market going forward," added the analyst.

For an analyst ratings summary and ratings history on Greatbatch, Inc. click here. For more ratings news on Greatbatch, Inc. click here.

Shares of Greatbatch, Inc. closed at $56.94 yesterday.

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