SurModics (SRDX) PT Raised to $68 at Needham & Company Following Earnings

April 28, 2021 3:59 PM EDT
Get Alerts SRDX Hot Sheet
Price: $54.92 +1.52%

Rating Summary:
    9 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
Trade Now! 
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Needham & Company analyst Mike Matson raised the price target on SurModics (NASDAQ: SRDX) to $68.00 (from $61.00) while maintaining a Buy rating.

The analyst commented, "SRDX F2Q21 revenue and EPS beat consensus. Revenue growth improved to 53.3% in F2Q21 from (1.4%) in F1Q21 as a result of a $10.8M milestone payment under the SurVeil agreement with Abbott (ABT - Not Rated), recovery in both of SRDX's businesses, and despite continued COVID-19 related disruptions. We believe that SRDX's fundamentals remain strong, and we expect revenue growth to accelerate over the next 12-18 months given the potential commercialization of its SurVeil drug-coated ballon (DCB), Pounce arterial thrombectomy device, and radial access products, and we reiterate our Buy rating. We have raised our price target to $68 from $61 given peer multiple expansion."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View, Analyst PT Change

Related Entities

Needham & Company, Earnings