UPDATE: J.P. Morgan Upgrades Tornier NV to Overweight, Raises PT on Multiple Positive Factors

In a report published Wednesday, J.P. Morgan analyst Michael Weinstein upgraded the rating on

from Neutral to Overweight, and raised the price target from $20.00 to $24.00. In the report, J.P. Morgan noted, “We are upgrading shares of Tornier from Neutral to Overweight as (1) the Extremities market is coming off its best quarters in years (both upper and lower growing well into the double digits) and (2) Tornier has started to turn the corner with a pipeline and distribution strategy that should pave the way back to market growth by mid-2014. The path forward in shoulders is clear and with the Ascend Flex launching in 2H13, Tornier's Upper Extremities business is likely to lead the acceleration with Lower Extremities following once the distributor network is in place and interim disruption behind it. As Tornier's top-line gets back to double digits, we see multiple expansion to 3.0x sales or $24 by Y/E '14.” Tornier NV closed on Tuesday at $15.89.