UPDATE: Piper Jaffray Initiates Conceptus with Neutral, $14 PT

Piper Jaffray initiates its coverage on Conceptus

with a Neutral rating and a price target of $14 as the company has still much to prove as it transitions back to growth. Piper Jaffray comments, "We believe the company has instituted key changes, including the 12/11 hiring of Keith Grossman as CEO, and should begin to benefit from favorable economic shifts. However, Conceptus is digging out of a multi-year revenue decline with sales ready to surpass 2009 (but not 2010) levels, and still faces the challenge of exciting its broad physician base on the Essure procedure. We view FY12 as a rebuilding year, with the new CEO early in his tenure, but believe Conceptus' current market value is fair, and already reflects benefits from new management." CPTS closed at $13.62 on Monday.