UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on HeartWare International
In a report published Monday, Goldman Sachs Group reiterated its Neutral rating on HeartWare International (NASDAQ: HTWR), but lowered its price target from $86.00 to $84.00.
Goldman Sachs noted, “Following a detailed review of the left ventricular assist device market, we maintain our Neutral rating on shares of HTWR. We reduce our 2013-2016 revenue estimates to reflect a slower launch of the company's recent US approval for the HVAD device. Longer-term, we continue to have a bullish view on LVADs in general (we model +19% growth through 2016E) and see HeartWare as an attractive fundamental and strategic asset. However, over the near-term we think expectations for the company's US product launch need to be reset. We think HTWR will remain range-bound, as we would also not expect to see material downside unless we developed strong conviction that its long-term growth prospects (primarily approval for Destination Therapy) are in jeopardy.”
HeartWare International closed on Friday at $82.31.
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