LivaNova upgraded to Buy from Neutral at Mizuho

Mizuho analyst Anthony Petrone upgraded LivaNova to Buy from Neutral with a price target of $70, up from $60. The company has a “well-hedged path” to either 20-plus annual earnings growth over the next three years or upside optionality based on outcome of the RECOVER trial by mid-year, the analyst tells investors in a research note. The firm’s revised sum-of-the-parts has LivaNova shares pricing in just a 10% probability of success on RECOVER and upside to $70 on a positive readout. Conversely, it sees an incremental $35M of cost savings if RECOVER fails.