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Fly News Breaks for November 2, 2018
ABMD
Nov 2, 2018 | 06:17 EDT
BTIG analyst Sean Lavin upgraded Abiomed to Buy from Neutral with a price target of $450, saying the company is "arguably the cleanest story in Med Tech". Lavin acknowledges that the stock is not cheap, but believes that the premium multiple is justified by its "robust cash position, high margins, potential indication expansions, and lack of competition". The analyst adds that the stock has also been "discounted nicely" from its high with a $120 decline heading into the post-earnings bounce, particularly with the upcoming data at the AHA having the potential to expand its label use for Impella.
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