UPDATE: Goldman Sachs Initiates HeartWare International with Neutral on Little Upside to US Launch Expectations

Goldman Sachs initiated its coverage on HeartWare International

with a Neutral rating and a price target of $93. Goldman Sachs noted, "We initiate on shares of HeartWare (HTWR) with a Neutral rating and 12-month price target of $93, implying 4.1% upside from current levels. Over the long term, the company has the potential to drive accelerating revenue growth for multiple years as the LVAD market continues to develop due to increased utilization and technological advances. That said, HeartWare's entrance into the US market may be more difficult than expected and we see consensus sales estimates as too high. HeartWare, pending approval, will only have access to the slower and more penetrated Bridge-to-Transplant market, making near-term growth almost entirely dependent on shares gains. " HeartWare International closed at $89.68 on Thursday.