UPDATE: Lake Street Capital Markets Initiates Coverage on BioTelemetry with Buy Rating, $14 PT on Good Market Position

In a report published Friday, Lake Street Capital Markets analyst Bruce D. Jackson initiated coverage on

with a Buy rating and $14.00 price target. In the report, Lake Street Capital Markets noted, “BioTelemetry is one of the few publicly-traded, pure-play mobile health companies available to investors. Mobile health (which includes telehealth and remote monitoring) is coming into its own as the U.S. healthcare system shifts to an accountable care model where providers are increasingly incentivized to keep patients out of the hospital. One tool being employed in the management of chronic disease is remote monitoring and management, which enables medical practitioners to detect problems and intervene before the patient has to go to the emergency room. The recent acquisition of Cardiocom by Medtronic can be taken as confirmation that mHealth is ready for prime time, and we believe that BioTelemetry is well positioned to take advantage of this trend. BioTelemetry is the leading provider of devices and services for the ambulatory monitoring of patients who are suspected of having heart rhythm disorders. In the future, we think BioTelemetry has an edge in pursuing other markets because of their experience in successfully dealing with highly-regulated products and services.” BioTelemetry closed on Thursday at $8.98.