J.P. Morgan Ups PT On THOR To $38
J.P. Morgan, in light of strong 2Q numbers from the company, is raising its price target from $32 to $38 on Thoratec (NASDAQ: THOR).
In its report, J.P. Morgan writes, “Thoratec reported strong 2Q results Wednesday after the close, with total revenues of $111.2M (+17%) coming in $6.2M above our estimate and $6.8M better than Street consensus spurred by jump in US destination therapy implants. On the bottom line, adjusted EPS of $0.44 (+28%) were $0.09 better than both our forecast and consensus, as a strong gross margin and well contained operating expenses drove a 2Q operating margin that was 450bps above our thinking.”
J.P. Morgan is maintaining its Neutral rating on the stock.
THOR closed yesterday at $33.85.
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