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Equities research analysts at Canaccord Genuity reduced their target price on shares of Thoratec Corp. (NASDAQ:THOR) from $40.00 to $37.00 in a research note issued to investors on Wednesday, AmericanBankingNews.com reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price objective points to a potential upside of 12.63% from the company’s current price.

A number of other firms have also recently commented on THOR. Analysts at Ned Davis Research upgraded shares of Thoratec Corp. from a “neutral” rating to a “buy” rating in a research note on Monday, April 28th. Analysts at BTIG Research initiated coverage on shares of Thoratec Corp. in a research note on Thursday, February 20th. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Thoratec Corp. currently has a consensus rating of “Buy” and an average price target of $44.30.

Shares of Thoratec Corp. (NASDAQ:THOR) traded down 6.61% during mid-day trading on Wednesday, hitting $30.68. The stock had a trading volume of 863,438 shares. Thoratec Corp. has a one year low of $29.91 and a one year high of $43.58. The stock’s 50-day moving average is $34.27 and its 200-day moving average is $36.80. The company has a market cap of $1.742 billion and a P/E ratio of 26.07.

Thoratec Corp. (NASDAQ:THOR) last announced its earnings results on Tuesday, May 6th. The company reported $0.41 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.39 by $0.02. The company had revenue of $125.70 million for the quarter, compared to the consensus estimate of $122.56 million. During the same quarter last year, the company posted $0.41 earnings per share. Thoratec Corp.’s revenue was up 6.8% compared to the same quarter last year. On average, analysts predict that Thoratec Corp. will post $1.75 earnings per share for the current fiscal year.

Thoratec Corporation is engaged in mechanical circulatory support with a product portfolio to treat the range of clinical needs for advanced heart failure (NASDAQ:THOR) patients.

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