Wedbush Upgrades Thoratec (THOR) to Neutral; Optimistic About H2:2011 but Concerns Over 2012 Remain

Wedbush upgraded Thoratec (NASDAQ: THOR) from Underperform to Neutral, PT increased from $27 to $33.00.

Wedbush analyst says, "On Wednesday afternoon, THOR reported Q2:2011 revenues of $111.2 million and EPS of $0.44, well above our estimates of $103.7 million and $0.35, and consensus of $104.4 million and $0.35. We attribute THOR’s surprisingly strong earnings to several factors, the most important of which is a nearly 20% quarter-over-quarter growth in US DT sales. Between this newly found traction in sales, the positive implication it has for the rest of 2011, as well as our suspicion that competitor HeartWare (Nasdaq: HTWR)(OUTPERFORM) will not launch in the US until early 2012, we now believe that the grey clouds have lifted for the near-term and that it is more likely than not that THOR beat its newly updated revenue guidance of $422-$430 million (raised from $410-$425 million)."

For more ratings news on Thoratec click here and for the rating history of Thoratec click here.

Shares of Thoratec closed at $33.85 yesterday.

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