wedbush raises price target

July 26, 2010 11:43 AM EDT

Wedbush raises its fair value estimate on HeartWare International (Nasdaq: HTWR) from $70 to $73 ahead of Q2 earnings expected out in early August. An 'Outperform' rating is maintained.

The firm expects an "imminent start to the US Destination Therapy trial, and believe it is likely that
HTWR will announce during its quarterly call that the first patient has been implanted." The firm also notes, "Our full year estimates are offset by increased expectations for European sales, as we have been hearing from several centers that demand for LVADs continues to exceed expectations. We expect HeartWare to benefit from strong European demand as the company builds out its sales and support operations thought the year."

HeartWare International, Inc., a medical device company, engages in the design, manufacture, and marketing of medical devices for the treatment of advanced heart failure.