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Piper Jaffray maintains its Overweight rating and $20 target price on Greatbatch
GB as headwinds continue despite positive Micro Power acquisition.
Piper says, “Greatbatch announced that it would acquire battery-maker Micro Power Electronics (
MPE) from private equity firm Weston Presidio. …While the MPE acquisition makes sense, continuing headwinds in GB's key CRM/Neuromod markets, negative near-term GM trends, and a lack of visibility into the proprietary product development portfolio keep us Underweight.”
GB closed at $20.56 per share on Tuesday.
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