UPDATE: J.P. Morgan Initiates Spectranetics Corporation at Overweight on Global Leader Position

In a report published Wednesday, J.P. Morgan analyst Christopher Pasquale initiated coverage on Spectranetics Corporation SPNC with an Overweight rating and $23.00 price target.

In the report, J.P. Morgan noted, “We are initiating coverage of Spectranetics with an Overweight rating and $23 December 2014 price target. SPNC is the global leader in the application of excimer laser technology for cardiovascular interventions, with strong franchises in both peripheral atherectomy and cardiac lead extraction. While the stock has performed well over the past year (+39% vs. +32% for the Russell 2000), we see the potential for further upside over the next 12-18 months driven by an accelerating top line and underappreciated long-term growth opportunities.”

Spectranetics Corporation closed on Tuesday at $16.82.