Piper Jaffray Reiterates Underweight, $20 Target on Greatbatch

Piper Jaffray maintains its Overweight rating and $20 target price on Greatbatch (NYSE: GB) as headwinds continue despite positive Micro Power acquisition.

Piper says, “Greatbatch announced that it would acquire battery-maker Micro Power Electronics (MPE) from private equity firm Weston Presidio. …While the MPE acquisition makes sense, continuing headwinds in GB's key CRM/Neuromod markets, negative near-term GM trends, and a lack of visibility into the proprietary product development portfolio keep us Underweight.”

GB closed at $20.56 per share on Tuesday.