AtriCure price target lowered to $49 from $68 at Needham

Needham lowered the firm’s price target on AtriCure to $49 from $68 and keeps a Buy rating on the shares. The company’s Q3 results beat expectations on revenue and earnings, but while the Open-Heart Ablation and Pain Management remained the primary growth drivers in the quarter with 20% and 24% growth respectively, the overall revenue growth slowed to 17% from 19% in Q2, the analyst tells investors in a research note. The firm is also citing peer multiple contraction in cutting its price target.