AtriCure Inc. (ATRC) PT Raised to $48 at Needham & Company; Increased Confidence in CONVERGE

Needham & Company analyst Mike Matson raised the price target on AtriCure Inc. (NASDAQ: ATRC) to $48.00 (from $39.00) while maintaining a Buy rating.

The analyst commented, "Our confidence in ATRC's outlook has increased following our meeting with ATRC management last week, ATRC's 4Q19 preannouncement and 2020 guidance, and ATRC's disclosure that it is submitting CONVERGE as a late-breaker for the Heart Rhythm Society (HRS) meeting in May and we are raising our price target. We have also performed a scenario analysis that evaluates the potential impact of both the Convergent and Lariat FDA approvals. With solid teens growth in ATRC's base business and two potential game-changing procedures in its pipeline, we reiterate our Buy rating. Our new price target of $48 is based on a 6.5x EV/sales multiple applied to our 2021E revenue estimate."

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