Credit Suisse Reiterates Outperform, Raises Price Target On Thoratec On Updated LVAD Estimates

In a report published Tuesday, Credit Suisse analyst Bruce Nudell reiterated an Outperform rating on

, and raised the price target from $40.00 to $45.00. In the report, Credit Suisse noted, "Given our increased expectations of market growth and THOR share, in part driven by positive THOR commentary regarding HM III, we are increasing our THOR DCF-based PT from $40 to $45. We are altering our 2015/2016 estimates for THOR and HTWR after consideration of US clinical trialing in 2015/2016 (11% and 19% of overall units, respectively), higher market growth assumptions, and a full year of availability of HM III in Europe in 2016. Our 2015/2016 projections may be modified by the ultimate MVAD trial randomization scheme (we assume 2 MVAD:1 HM II), and the relative clinical performance of MVAD/HMIII to one another and to their predicates." Thoratec closed on Monday at $40.25.