UPDATE: Barrington Research Reiterates Outperform Rating, Raises PT on SurModics

In a report published Monday, Barrington Research reiterated its Outperform rating on SurModics

and raised its price target from $18.00 to $20.00. Barrington noted, “We are maintaining our OUTPERFORM rating and raising our target from $18 to $20 as we believe SRDX's improving fundamentals and recently-announced $50 million share repurchase program have significantly increased our outlook regarding the future. Our rating is based on the belief that SRDX will maintain high market share in a drug/device convergence market that will likely increase several-fold over the next decade. We are impressed with SRDX's financial and non-financial improvements and we have increasing confidence in this new management team.” SurModics closed on Friday at $17.57.