UPDATE: Wunderlich Reiterates Hold Rating, Raises PT on HeartWare International
In a report published Wednesday, Wunderlich Securities reiterated its Hold rating on HeartWare International (NASDAQ: HTWR), and raised its price target from $80.00 to $96.00.
Wunderlich noted, “Heartware (HTWR) announced very strong Q2 results after the close Tuesday. Revenues of $29.1mm increased 42% and were well above our high-end estimate of $25.3mm and Street consensus of $22.8mm. The loss of ($1.61) per share was much larger than our estimate of ($1.40), as R&D spending took another step up. Strong International performance (+76%) once again this quarter was exciting, as HTWR increasingly dominated the market outside the U.S. On the HVAD approval front, management remains hopeful of a near-term approval, but really offered no new insight into the process. We continue to assume a late 2012 approval. We reiterate our Hold rating, but are raising our price target on Heartware to $96 per share.”
HeartWare International closed on Tuesday at $86.88.
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