Livanova (LIVN) PT Raised to $98 at Stifel
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Stifel analyst Rick Wise raised the price target on Livanova (NASDAQ: LIVN) to $98.00 (from $93.00) while maintaining a Buy rating.
The analyst commented, "To us, LivaNova’s strong 2Q21 results, highlighted by impressive sales/EPS outperformance, encouragingly reflect both steady underlying procedure volume recovery, and perhaps more importantly, signs of improved operational execution on all fronts (new commercial strategy execution, sales force expansion, better forecasting, operational cost control/reduction, FCF conversion). Sales and EPS meaningfully-exceeded Stifel/Consensus (Sales: $265M vs $240/$244M, EPS $0.52 vs $0.29/$0.33), driven by broad-based top-line outperformance with particular strength in the critical, growth-driving US Epilepsy business. LivaNova’s now-higher FY2021 outlook suggests continued sequential improvement in 2H21 sales (ex-Heart Valve divestiture) and gross margin, all-this pushing our 2021 estimates meaningfully-higher. LIVN also continues to make positive progress on three compelling/incremental pipeline opportunities (Heart Failure, Depression and Obstructive Sleep Apnea), with clinical trial timelines all on-track. To the extent the visibly-improving execution and procedure recovery trends continue, aided by a sizable US Epilepsy replacement patient backlog (~1K), we think our 2022 numbers could prove conservative."
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