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UBS Upgrades Spectranetics (SPNC) Two-Notches to Buy

August 3, 2016 6:24 AM EDT
Get Alerts SPNC Hot Sheet
Price: $38.45 --0%

Rating Summary:
    5 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 10
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UBS upgraded Spectranetics (NASDAQ: SPNC) from Sell to Buy with a price target of $30.00 (from $10.00).

Analyst Matt Miksic commented, "Q2 results demonstrated sequential stabilization of the company's core Vascular Intervention businesses for peripheral and coronary intervention, clearing the way for the company's Stellarex drug-coated balloon (DCB) platform to take over as the central value driver for the stock. By our analysis, >50% of our projected 12-month target valuation is now driven by the long-term growth and value associated with Stellarex (please see an overview of our sum-of-parts analysis on page 10). We expect the final ILLUMENATE European RCT data for Stellarex (to be presented August 10th) to be consistent with interim ILLUMENATE Global data presented at NCVH and CX, showing 1-year patency rates competitive with Medtronic's In.Pact Admiral and superior to C.R. Bard's Lutonix, which is currently distributed in the U.S. by Boston Scientific (BSX is Buy rated, BCR is not covered.) Given the reduced risk of further significant slowing of the company's core VI business, and the increasing focus on Stellarex as the key driver for SPNC's next phase of growth, we are upgrading SPNC from Sell to Buy, and raising our target from $10 to $30, which we back up with our sum-of-parts analysis..."

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 $23.09 yesterday.



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