Morgan Stanley analyst David Lewis upgraded Abiomed to Overweight from Equal Weight, stating that based on his review of pre-clinical and clinical data and physician conversations he has conviction in a positive readout from the Door to Unloading, or STEMI-DTU, trial next week. Data is to be presented at the American Heart Association Scientific Sessions on Sunday, November 11, the analyst noted. Abiomed’s DTU trial challenges the current paradigm and success could result in a shift from the current standard of care, driving an inflection in valuation, Lewis tells investors. The ST-elevated myocardial infarctions, or STEMI, opportunity would expand Abiomed’s current addressable market by about 70%, Lewis added. He raised his price target on Abiomed shares to $496 from $396.
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