UPDATE: Credit Suisse Initiates Coverage on Lombard Medical with Outperform Rating, $10.50 PT on Positive Outlook for Aorfix

In a report published Monday, Credit Suisse analyst Matthew Keeler initiated coverage on

with an Outperform rating and $10.50 price target. In the report, Credit Suisse noted, “Lombard is a relatively new entrant in the $1.2B WW endovascular aneurysm repair (EVAR) market. While the EVAR market is competitive and well penetrated (we forecast 5% market growth going forward), we believe Lombard's Aorfix device is differentiated enough (as described below) to take share from larger competitors. We project Aorfix reaching ~6% share of the WW AAA market sales by 2020.” Lombard Medical closed on Friday at $7.00.