Wunderlich Securities Reiterates Buy on Abiomed, Increases PT to $24

Wunderlich Securities reiterated its Buy rating on Abiomed

. At the same time, Wunderlich increased its price target on Abiomed from $18 to $24, following strong quarterly results. In a research report published today, Wunderlich stressed strong performance of Lampella as the driver of Abiomed's strong performance. In the report, Wunderlich states, "Abiomed (

) reported better-than-expected fiscal Q4 revenues yesterday morning, with strong Impella results again leading the way. ABMD also reported non-GAAP profitability, and generated positive cash from operations again in Q4. The reported loss per share of $0.05 was a bit larger than expected as SG&A spending jumped. Fiscal 2012 revenue guidance exceeded our prior estimate and came in above Street consensus. Bottom line, we continue to believe ABMD has just scratched the surface of the Impella opportunity and the ABMD story remains in the early innings. We are raising our price target to $24 per share (from $18) and reiterating our Buy rating." On Wednesday, Abiomed lost 1.18% of its value to close the day at $17.65.