Piper Jaffray Reiterates Neutral, $38 PT on Integra LifeSciences

Piper Jaffray maintains its Neutral rating and $38 price target on Integra LifeSciences

as leadership transition proceeds smoothly, albeit earlier than expected. Piper Jaffray notes, " We liken the transition at Integra, with respect, to the thoughtful and successful transition at Stryker from former CEO John Brown to current CEO Steve MacMillan, although in this case it has moved along a touch faster. Investors will likely miss Mr. Essig's energy, passion, and commitment to Integra, however, given the well-telegraphed transition and his ongoing role as Chairman we don't expect this announcement to impact the stock." IART closed at $31.19 per share on Wednesday.