Surmodics price target lowered to $34 from $46 at Needham

Needham analyst Mike Matson lowered the firm’s price target on Surmodics (SRDX) to $34 from $46 and keeps a Buy rating on the shares. The company’s Q1 revenue growth was "stable", but its SurVeil FDA approval delay overshadowed the performance in the quarter, the analyst tells investors in a research note. The firm adds that if the approval comes later than this year, the $24M milestone payment to the company would only come if Abbott (ABT) chose to commercialize it, and its price target cut reflects the view that SurVeil is Surmodics’s most important growth driver.