LivaNova price target lowered to $90 from $120 at Piper Jaffray

Piper Jaffray analyst Matt O’Brien lowered his price target for LivaNova to $90 from $120 after the company announced Q1 results, with revenues in-line with the company’s preannouncement. LivaNova expects Neuromod to be down year over year in 2019, but the analyst believes the impact to the business will be temporary, and he anticipates it will rebound later this year and into 2020. Overall, O’Brien acknowledges the near-term concerns over the story, but continues to believe the base business will stabilize and that the pipeline is receiving no value, making the name an “interesting one for patient investors.” He reiterates an Overweight rating on the shares.
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