UPDATE: Piper Jaffray Raises PT to $25 on ABIOMED

Piper Jaffray reiterates its Overweight rating on ABIOMED

and raises its price target to $25 from $24 as Impella growth and earnings drive a stronger quarter for the company. Piper Jaffray says, "ABMD 3Q results were highlighted by record worldwide Impella® revenue of $27.7M, up 31% y/y and 11.7% sequentially despite a busy surgeon conference schedule. An additional 37 active U.S. Impella customer sites were added during the quarter, representing the highest total since the December 2009 quarter. We remain impressed with Impella's consistent sequential growth, as well as ABMD's operating leverage , as management adeptly balances bottom line performance with investments in future growth initiatives. Impella is now at a $100M+ annual run rate, and growing at a 30%+ y/y, therefore we believe ABMD should trade in-line with other standout medtech growth stories." ABMD closed at $20.98 a share on Friday.