Market Overview

Bank Of America Upgrades HeartWare; Downgrades EndoChoice, Tandem

Bank Of America Upgrades HeartWare; Downgrades EndoChoice, Tandem

On Thursday, Bank of America Merrill Lynch issued a medical technology industry note highlighting HeartWare International Inc (NASDAQ: HTWR), Tandem Diabetes Care Inc (NASDAQ: TNDM) and EndoChoice Holdings Inc (NYSE: GI).

Analysts Bob Hopkins and Travis Steed gave their opinion on the medical technology companies and how they can potentially drive value for shareholders.


"2016 will be a year of tough quarters for HTWR," the analysts stated.

"In our view, HTWR is a strategically attractive asset if its one year DT data from Endurance II proves to be competitive [...] we expect clean data to be materially positive for HTWR shares."

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Tandem Diabetes

Downgraded to Underperform; no change in price target.

The analysts stated that they "do not expect significant revenue beats from TNDM going forward."

"In this environment low margin microcaps are less likely to outperform enough to compensate for the relative risk profile in our view."

EndoChoice Holdings

Downgraded from Buy to Underperform with a $10 price target.

"GI currently trades at 1.0x 2016E sales and we think the stock could trade more in line with other low margin medtech names," according to the analysts. "We are taking a wait and see approach to better understand if GI's clinical data and superior technology can compete against established players."

At Time Of Writing...

  • HeartWare was seen up 3.32 percent at $31.43.
  • Tandem Diabetes was down 9.18 percent at $8.51.
  • EndoChoice was down 11.27 percent at $4.88.

Image Credit: Public Domain

Latest Ratings for HTWR

Aug 2016BTIG ResearchTerminatesNeutral
Jul 2016Leerink SwannDowngradesOutperformMarket Perform
Jun 2016BTIG ResearchDowngradesBuyNeutral

View More Analyst Ratings for HTWR
View the Latest Analyst Ratings


Related Articles (HTWR + TNDM)

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