Oppenheimer more bullish on AtriCure, upgrades to Outperform

As previously reported, Oppenheimer upgraded AtriCure to Outperform from Perform with a $32 price target. The firm says its rating change is more tactical in nature with current risk-reward being more favorable at these levels. Oppenheimer’s neutral stance has been predicated on CONVERGE logistics + reimbursement being problematic; PFA indication creep; AtriClip competition from Penditure; and slowing growth. While some of these risks still remain on the horizon, the firm believes AtriCure’s growth for the next 12 months of about 15% CAGR is at par with small-cap medtech.