Needham & Company Starts Spectranetics (SPNC) at Buy
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Price: $38.45 --0%
Rating Summary:
5 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 39
Rating Summary:
5 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 39
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Needham & Company initiates coverage on Spectranetics (NASDAQ: SPNC) with a Buy rating and a price target of $35.00.
Analyst Mike Matson comments, "SPNC is gaining share in the underpenetrated $300M peripheral atherectomy market with its laser atherectomy system, and we expect FDA clearance for an in-stent restenosis (ISR) indication late this year to further accelerate its atherectomy growth. SPNC's laser technology also dominates the underpenetrated $90M cardiac rhythm management (CRM) device lead removal market. Given strong market growth, additional market share gains, and the ISR clearance, we expect SPNC's revenue growth to accelerate from the low-teens to the high-teens in 2015. Given this, and a valuation that is at a discount to peers, we are initiating coverage with a Buy rating."
For an analyst ratings summary and ratings history on Spectranetics click here. For more ratings news on Spectranetics click here.
Shares of Spectranetics closed at $31.10 yesterday.
Analyst Mike Matson comments, "SPNC is gaining share in the underpenetrated $300M peripheral atherectomy market with its laser atherectomy system, and we expect FDA clearance for an in-stent restenosis (ISR) indication late this year to further accelerate its atherectomy growth. SPNC's laser technology also dominates the underpenetrated $90M cardiac rhythm management (CRM) device lead removal market. Given strong market growth, additional market share gains, and the ISR clearance, we expect SPNC's revenue growth to accelerate from the low-teens to the high-teens in 2015. Given this, and a valuation that is at a discount to peers, we are initiating coverage with a Buy rating."
For an analyst ratings summary and ratings history on Spectranetics click here. For more ratings news on Spectranetics click here.
Shares of Spectranetics closed at $31.10 yesterday.
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