Piper Jaffray Upgrades Heartware Int'l (HTWR) to Overweight

Piper Jaffray upgraded Heartware Int'l (NASDAQ: HTWR) from Neutral to Overweight with a price target of $91.00.

Analyst Brooks West said, "Our upgrade is driven by market checks that point to continued share gains for HVAD on a sustained trend toward less-invasive surgery and limited exposure to US open heart centers – the primary source of weakness in the US market. HTWR’s current valuation of 4.0x EV/Sales, which we view as a traditional floor for high-growth medtech companies, also gives us ~20% upside to our current price target and we view current levels as a good entry point. The primary risk to our upgrade is the further delay of HTWR’s next generation MVAD device, but in a late September conversation with management, the MVAD CE Mark Study appeared on-track for an early 2015 start positioning HTWR well for our forecasted reacceleration of the LVAD market in 2H15. We are comfortable owning HTWR shares into the 3Q14 print."

For an analyst ratings summary and ratings history on Heartware Int'l click here. For more ratings news on Heartware Int'l click here.

Shares of Heartware Int'l closed at $75.30 yesterday.

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