UPDATE: Piper Jaffray Upgrades Greatbatch to Neutral

According to Piper Jaffray, Greatbatch

is upgraded to Neutral. Jefferies said that it is upgrading GB from Underweight to Neutral as it believes (based on cardiology market checks) that headwinds in Cardiac Rhythm Management (50% of revenues) will begin to stabilize in 2Q12 and that should begin to benefit GB in 2H12. “We are upgrading GB from Underweight to Neutral and raising our PT to $25 from $20.” Greatbatch closed yesterday at $25.