Wedbush Reiterates HTWR Rating as Outperform

Wedbush Securities has published a research report on HeartWare International HTWR and reiterates its rating on the company at Outperform. In the report, Wedbush writes, “Our fair value of $105 per share is calculated using a sum-of-parts analysis applying 1-5 multiple and a 20-25% annual discount to our HVAD sales in 2012 (EU) or two-years post approval (US). Given the groundbreaking nature of HeartWare's HVAD, the enthusiastic response from surgeons, and the lack of near-term financing risk, we reiterate our OUTPERFORM rating.” HTWR closed Friday at $64.41.