BTIG downgrades AtriCure to neutral

BTIG downgraded AtriCure (NASDAQ:ATRC) to “neutral,” citing a recent share price rally coupled with an unchanged outlook after the company’s Q4 report. The stock closed at $18.96 on March 3.

AtriCure is a medical device company focused on solutions designed to decrease atrial fibrillation.

“Overall, our revenue estimates remain steady and we continue to think that the biggest risk to the model lies in volatile open-surgery trends,” writes analyst Dr. Sean Lavin. “Commentary during the Q4 call did not change our overall view of the opportunity.”

Citing a combination of the shares running up from about $15 in early January, without a change in growth expectations; a continued lack of clarity around the DEEP trial; and a potential for slightly slower enrollment than expected in CONVERGE, “makes us feel shares are now fair rather than undervalued at this time,” he added.