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

April 28, 2021 3:59 PM EDT
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Price: $54.92 +1.52%

Rating Summary:
    9 Buy, 1 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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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."



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