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Fly News Breaks for April 15, 2019
ABMD
Apr 15, 2019 | 09:01 EDT
Jefferies analyst Raj Denhoy views the recent pullback in shares of Abiomed as overdone and says nothing has changed in his long-term "bullish" view. There are short-term dynamics that could prove challenging with concerns around the company's Q4 results, competition and reimbursement, but the recent pullback in shares "more than reflects these," Denhoy tells investors in a research note. The analyst expects Abiomed to issue "conservative" guidance, but adds the 27% sales growth he's modeling is "still best in class." Denhoy calls the stock a "bargain" and keeps a Buy rating on Abiomed with a $460 price target. The company "has weathered worse sentiment shifts in the past and we expect it will this time too," says the analyst.
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