UPDATE: Piper Jaffray Upgrades AtriCure to Overweight on New Management Confidence

Piper Jaffray raised its rating on AtriCure (NASDAQ: ATRC) from Neutral to Overweight and increased its price target from $6 to $10.

Piper Jaffray said, "We are upgrading ATRC shares to Overweight from Neutral (and raising our PT to $10 from $6) after meeting with the newly appointed CEO, Michael Carrel. With the CEO slot filled, we believe a level of normalcy should return to operations, allowing us to return to our original thesis. As a reminder, before the former CEO exited unexpectedly, our positive viewpoint had centered on recent FDA approval that finally put Synergy “on-label” for its intended use. While the product has been for sale in the US for the last 11 years, the potential revenue was severely constrained without the ability to market, train, hold symposia, or in any way promote the use of the ablation technology for the treatment of AF."

AtriCure closed at $6.43 on Thursday.