Piper Jaffray Maintains Neutral on Orthofix International NV (OFX)

Piper Jaffray is out with its report today on Orthofix International NV (NASDAQ: OFIX), maintaining Neutral.

In a note to clients, Piper Jaffray writes, "The company's disclosure of its DOJ/SEC subpoena could catch some investors off guard, but the investigation of FCPA-related allegations is almost a year old, beginning with a disclosure last June related to management's discovery of the issue. The fact that management uncovered the allegations, proactively notified the SEC and DOJ, and then began its own internal investigation related to the allegations and compliance with FCPA will likely improve its prospects for ultimate fines and penalties potentially at the 'less severe' end of the spectrum. We see potential for a near-term reaction to subpoena disclosure, however we would expect any pullback to be only temporary in nature. We remain Neutral on OFIX, and maintain our $35 price target."

Shares of OFIX closed Thursday at $32.91.