AtriCure Inc. (ATRC) Reiterated Top Pick, PT Raised to $74 at Needham & Company Post Earnings

February 24, 2021 7:25 AM EST
Get Alerts ATRC Hot Sheet
Price: $70.51 +0.86%

Rating Summary:
    9 Buy, 1 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 13
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Needham & Company analyst Mike Matson raised the price target on AtriCure Inc. (NASDAQ: ATRC) to $74.00 (from $63.00) after the company reported 4Q results showing that the COVID Resurgence weighed on 4Q20 and 1Q21 guidance. Revenue for 4Q20 was in line with its preannouncement while ts adjusted EBITDA beat consensus. The analyst reiterated his top pick status for 2021.

The analyst reiterated a Buy rating, stating "The pandemic remains a near-term headwind but in the longer-term we expect ATRC's growth to be driven by society guidelines, new products (e.g. EnCompass, cryoSPHERE, Flex-V, LARIAT), and surgeon training. An FDA approval of Convergent should materially accelerate ATRC's revenue growth, in our view, since Convergent would become the only product approved to treat the most severe atrial fibrillation (AF) patients (those with long-standing persistent AF)."

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