In a report released today, Marie Thibault from BTIG assigned a Buy rating on Atricure (ATRC – Research Report), with a price target of $65.00.
Marie Thibault has given her Buy rating due to a combination of factors surrounding AtriCure’s stock and market position. Despite the recent launch of a competing device by Medtronic, Thibault’s analysis suggests that the market reaction may be disproportionate. She notes that while many surgeons are open to trying the new Penditure device, a significant portion still intend to use AtriCure’s AtriClip. This is based on feedback from cardiac surgeons, indicating a strong brand loyalty and a limited expected shift in market share towards the new competitor.
Furthermore, Thibault’s valuation takes into account the growth potential of AtriCure’s sales and the overall market expansion. Despite a potential decrease in market share due to competition, the anticipated growth in procedure volumes and the high rate of adoption for AtriClip point towards a positive outlook for the company. Additionally, the current stock valuation seems undervalued when considering the projected sales, leading to the conclusion that ATRC shares are currently oversold. Thibault’s Buy rating is underpinned by these factors, along with the company’s solid position in the market and the expected continuous growth in the clip market segment.
In another report released on November 29, JMP Securities also maintained a Buy rating on the stock with a $60.00 price target.
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Atricure (ATRC) Company Description:
AtriCure, Inc. engages development, manufacture and sale of devices designed primarily for the surgical ablation of cardiac tissue, and systems for the exclusion of the left atrial appendage. Its products include radio Frequency (RF) ablation pacing and sensing, cryo, left atrial appendage management, soft tissue dissection, estech surgical instrumentation, and cart configuration. It operates through the following geographical segments: United States, Europe, Asia, Other International, and Total International. The company was founded by Michael D. Hooven on October 31, 2000 and is headquartered in West Chester, OH.
Read More on ATRC:
- AtriCure says ‘welcomes’ competition from Medtronic
- Medtronic launch could create an overhang on AtriCure, says Needham
- Medtronic launches Penditure Left Atrial Appendage Exclusion System in U.S.
- AtriCure price target lowered to $49 from $68 at Needham
- AtriCure price target lowered to $45 from $79 at Canaccord
