UPDATE: Piper Jaffray Raises PT to $88 on HeartWare International on Positive Sector Sentiment

Piper Jaffray reiterates its Neutral rating on HeartWare International HTWR and raises its price target from $80 to $88. Piper Jaffray comments, "We are raising our price target for HTWR from $80/share to $88/share to reflect the increasingly positive sentiment for small cap medtechs with high revenue growth prospects and reduced regulatory risk (HTWR had a positive FDA panel meeting in April). The changing sentiment has resulted in us moving our multiple from 6.0 to 6.7x EV/CY13E revenue. The increase reflects the increase in small cap medtech multiples in the last 2-3 months. We are assuming 16.1M fully diluted shares and $145M of net cash. We remain Neutral as we believe much of the market share gain after FDA approval of HVAD is priced into the stock." HTWR closed at $90.00 on Monday.