UPDATE: Piper Jaffray Lowers PT to $12 on AtriCure on Decreasing Demand for Microcap Stocks

Piper Jaffray reiterates its Overweight rating on AtriCure

and reduces its price target from $14 to $12. Piper Jaffray notes, "We are lowering our PT for ATRC from $14/share to $12/share to reflect the decreasing demand for our microcap stocks. We are still positive on the prospects for ATRC, but now feel that given market sentiment, it will take longer to achieve the upside we had previously forecast. As such our new $12 PT is based on a 2.7x EV/Rev multiple (down from 3.1x as the microcaps have declined on liquidity concerns). We apply the 2.7 multiple to our $81M CY13 revenue (unchanged) estimate, assuming $9.3M in net cash and 19.0M shares." ATRC closed at $9.57 on Monday.