Thoratec Downgraded by Piper Jaffray to “Neutral” (THOR)
Thoratec (NASDAQ:THOR) was downgraded by equities research analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $27.00 price objective on the stock, down from their previous price objective of $40.00. Piper Jaffray’s price target indicates a potential upside of 10.84% from the company’s current price.
Shares of Thoratec (NASDAQ:THOR) opened at 24.36 on Monday. Thoratec has a one year low of $22.50 and a one year high of $43.58. The stock’s 50-day moving average is $29.72 and its 200-day moving average is $33.12. The company has a market cap of $1.371 billion and a P/E ratio of 20.81.
Thoratec (NASDAQ:THOR) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.43 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.43. The company had revenue of $118.10 million for the quarter, compared to the consensus estimate of $128.30 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company’s quarterly revenue was down 9.5% on a year-over-year basis. On average, analysts predict that Thoratec will post $1.34 earnings per share for the current fiscal year.
THOR has been the subject of a number of other recent research reports. Analysts at WallachBeth Capital cut their price target on shares of Thoratec from $38.00 to $28.00 in a research note on Wednesday, August 20th. They now have a “hold” rating on the stock. Separately, analysts at Northland Securities downgraded shares of Thoratec from an “outperform” rating to a “market perform” rating in a research note on Monday, August 11th. They now have a $26.00 price target on the stock, down previously from $46.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Thoratec in a research note on Friday, August 8th. They now have a $24.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Thoratec presently has an average rating of “Hold” and a consensus price target of $32.64.
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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