UPDATE: Sterne Agee Initiates Coverage on Greatbatch with Buy Rating, $53 PT on Market Leader Position

In a report published Tuesday, Sterne Agee analyst Gregory P. Chodaczek initiated coverage on

with a Buy rating and $53.00 price target. In the report, Sterne Agee noted, “Greatbatch, Inc. is a leader in critical technologies serving four large and growing medical device markets which have a combined worldwide market opportunity of over $6.5 billion. Over the past eight years, Greatbatch has not only diversified and grown its revenue (16% CAGR), it has also increased its operating efficiencies. What was once a company focused primarily on cardiac rhythm management (CRM) devices is now a diversified medical devices and components company.” Greatbatch closed on Monday at $46.33.