UPDATE: Canaccord Lowers Target to $31 on Thoratec
Canaccord reiterates its Hold rating on Thoratec (NASDAQ: THOR) and lowers its price target to $31 a share on expectation of slowing growth between 2012-2015, as well as potential pump thrombosis-related issues with HM-II.
Canaccord notes, "We are bullish on the LVAD market potential overall, but maintain our HOLD rating on THOR as we believe growth will slow in 2012-2015E owing to expected US launch of HeartWare's HVAD (mid-‘12E approval). We also think shares could pull back on reports of increased pump thrombosis events with HM-II at some centers. ...We communicated with 13 LVAD surgeons, four of whom confirmed they have experienced an increase in pump thrombus events in their practice over the past “few weeks/months.” Notably, all four responded that the culprit device was HM-II."
THOR closed at $30.97 a share on Monday.
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