UPDATE: Piper Jaffray Maintains Neutral Rating, Raises PT for HeartWare International

In a company note published earlier today, Piper Jaffray & Co. maintained its Neutral rating for HeartWare International Inc. HTWR and raised its price target from $75.00 to $80.00. Piper Jaffray said in its report “Revenue growth surpassed even the most bullish estimates coming in at $26.3M in a quarter hampered by only partial CAP enrollment for HTWR's BTT trial in the US. The OUS revenue growth of 70% vs our estimate of 15% came from a stronger increase in the number of new sites and higher utilization in existing sites. Rather than a slowdown as signaled in Q4, we see the OUS market as continuing to grow as market development efforts by HTWR and THOR [the medical device company Thoratec Corporation] take effect. We are expecting a Q3 US launch of HVAD for BTT—the first commercial indication for the device in the US.” HeartWare International Inc. closed yesterday at $77.14.