UPDATE: Citigroup Raises Target to $11 on Spectranetics

Citigroup maintains its Buy rating on Spectranetics

and increases its price target by $2 to $11 on positive ISR data from PATENT trial. Citigroup says, "This morning (2/2), SPNC announced positive 6-month interim data from the German PATENT trial, which is evaluating SPNC's laser atherectomy catheter for in-stent restenosis (

) in the femoropopliteal artery in the leg. ... Based on the company's continued positive progress, we are increasing our target to $11 (from $9) based on an increased 3.0x P/S multiple (from 2.5x) on our unchanged 2012 sales of $133M average with our $10 DCF." SPNC closed at $8.31 a share on Wednesday.