UPDATE: Piper Jaffray Raises PT to $23 on Wright Medical

Piper Jaffray lifts its price target on Overweight-rated Wright Medical

to $23 from $21 on insights from meetings with the company's management. Piper Jaffray says, "We have greater conviction after our day with management regarding Wright's recently announced initiatives to enhance growth, profitability and shareholder value. The discussion with investors centered around management's strategy to transition to a predominantly direct foot and ankle sales force while also improving cash flows through more effective working capital management and allocation of capital spending." WMGI closed at $16.83 a share on Thursday.