Livanova (LIVN) PT Lowered to $93 at Stifel

Stifel analyst Rick Wise lowered the price target on Livanova (NASDAQ: LIVN) to $93.00 (from $98.00) while maintaining a Buy rating.

The analyst commented, "Indicating no real change in the base business outlook, this morning, LivaNova provided updated full-year 2021 guidance, now reflecting today's finalized Heart Valve business divestiture (~9.4% of 2020 sales). Announcement timing is in line with 1Q21 earnings call comments. As discussed in our December 3, 2020 note (link), LIVN management has steadily-emphasized that the divestiture improves the company’s focus on its primary businesses, Cardiovascular and Neuromodulation, and enables it to shift its portfolio toward higher-growth opportunities. Today’s updated 2021 guidance of 0%-5% sales growth and $1.31-$1.81 adjusted EPS to us entirely reflects the top- and bottom-line divestiture impact. This suggests LivaNova’s base business performance expectations are unchanged from prior guidance. LivaNova also indicated that the transaction's financial impact details will be provided when reporting 2Q21 results (~August). In the interim, we update our numbers with the information provided. Our target price moves from $98 to $93 to reflect today's announcement."

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