Needham lowered the firm’s price target on AtriCure to $49 from $68 and keeps a Buy rating on the shares. The company’s Q3 results beat expectations on revenue and earnings, but while the Open-Heart Ablation and Pain Management remained the primary growth drivers in the quarter with 20% and 24% growth respectively, the overall revenue growth slowed to 17% from 19% in Q2, the analyst tells investors in a research note. The firm is also citing peer multiple contraction in cutting its price target.
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Read More on ATRC:
- AtriCure price target lowered to $45 from $79 at Canaccord
- AtriCure sees FY23 EPS (76c) to (74c) , consensus (92c)
- AtriCure reports Q3 EPS (20c), consensus (31c)
- ATRC Earnings this Week: How Will it Perform?
- AtriCure initiated with an Outperform at JMP Securities
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