AtriCure price target lowered to $44 from $49 at Needham

Needham analyst Mike Matson lowered the firm’s price target on AtriCure (ATRC) to $44 from $49 but keeps a Buy rating on the shares. The analyst cites the impact of Medtronic’s (MDT) Penditure in use as the left atrial appendage closure device behind the price target cut, though the firm also does not expect Penditure to gain significant market share. Two cardiac surgeons speaking with the firm indicated that Penditure offers some minor advantages, but also stated AtriCure’s AtriClip has a long clinical track record, the firm stated. Both surgeons stated that they were likely to use Penditure in some of their open-heart procedures, but also noted that Penditure was not currently suitable for minimally invasive procedures, Needham noted.