UPDATE: Goldman Sachs Upgrades Thoratec Corporation to CL-Buy, Raises PT
In a report published Monday, Goldman Sachs Group upgraded its rating on Thoratec Corporation (NASDAQ: THOR) to CL-Buy, and raised its price target from $46.00 to $48.00.
Goldman Sachs noted, “We add shares of Thoratec (THOR) to the Americas Conviction Buy List with a $48 12-month price target, implying 29.0% upside from current levels. Our investment thesis is based on our view that: (1) Thoratec should maintain its leadership position in the growing LVAD, representing a source of significant upside to consensus numbers; (2) the company's competitive position looks to be strengthening with the expansion to new market segments; (3) a solid pipeline should support multi-year growth; and (4) Thoratec has ample financial flexibility to reinvest in the business with attractive returns. We see these dynamics making THOR a compelling fundamental and strategic asset, particularly in the context of limited long-duration product cycles in healthcare with outsized profitability.”
Thoratec Corporation closed on Friday at $37.20.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.