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Fly News Breaks for January 13, 2020
ABMD
Jan 13, 2020 | 11:55 EDT
Piper Sandler analyst Matt O'Brien maintained an Overweight rating and $240 price target on Abiomed (ABMD) despite the company's announcing its preliminary Q3 sales fell ~$5M short of the expectations and revenue guidance for the year that was down ~$24M at the midpoint. While the analyst admitted these figures were "disappointing," he said they weren't a surprise given the negative data the company presented at AHA. O'Brien concluded that he still believes "in the safety and effectiveness of the Impella product" and believes the company is improving its efforts to getting its message out, which will "yield improving topline performance in the coming quarters."
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