UPDATE: Piper Jaffray Drops PT to $4 on Hansen Medical Post Model Update

Piper Jaffray reiterates its Overweight rating on Hansen Medical

but reduces its price target from $5 to $4. Piper Jaffray says, "We are lowering our PT for HNSN from $5/share to $4/share to reflect the decreasing demand for our microcap stocks. We are still positive on the prospects for HNSN on the heels of its recent FDA approval for the Magellan system, but now feel that given market sentiment, it will take longer to achieve the upside we had previously forecast. As such our new $4 PT is based on a 5.5x EV/Rev multiple (down from 7x as our medtech microcaps have declined on liquidity concerns). We apply the 5.5x multiple to our $44.4M CY13 revenue (unchanged) estimate, assuming net cash of $9.3M and 60.5M shares outstanding." HNSN closed at $2.30 on Monday.